George hotel acquired by Shepherd Cox

14 June 2016 by
George hotel acquired by Shepherd Cox

The George hotel at Piercebridge, County Durham, has been bought by property and hotel group Shepherd Cox.

The 32-bedroom historic hotel was sold off an asking price of £1.2m by Christie & Co.

It is situated on the banks of the River Tees, between Darlington and Richmond. The property, which has two further detached buildings providing additional letting accommodation, was bought following a high level of interest and multiple offers.

The building dates back to the 16th century and is believed to have hosted Dick Turpin. It has been transformed from a coaching inn to a popular wedding venue and retains many of its original period features. Upgrades are planned by the new owners to extend its offering.

Shepherd Cox has purchased several hotels across the North East and Yorkshire over the last 18 months including Allerton Court, the White Rose at Leeming Bar and the Grand hotel in Hartlepool.

Nick Carlile from Shepherd Cox said: "The George adds to our expanding hotel portfolio and we have exciting plans for its ongoing improvement and expansion. Our investors are very happy with the acquisition, which takes the group's portfolio to 12 hotels."

Mark Worley, director at Christie & Co's Newcastle office, handled the sale. He said: "The vendor is a regional multi-site licensed pub and hotel operator who wanted to sell the George as it no longer fits into their business model.

"The fact that these deals were all done on a very confidential basis with very little open marketing of any kind demonstrates the increasing interest in the North East hotel market. This should also be of interest to hotel owners who would consider a sale but are wary of the effect that the process of finding a buyer may have on their business."

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