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One Devonshire Gardens on the market for £8m

24 April 2006

Property developer Citrus Hotels has instructed Christie + Co to market the 35-bedroom townhouse hotel, which was founded by hotelier Ken McCulloch in 1986.

Citrus bought the hotel, along with 29 luxury timeshare apartments, for an estimated £8m in 2002. It disposed of the apartments within four months.

Citrus has spent £2m refurbishing the hotel over the past few years and has expanded the property to occupy a series of four Victorian townhouses. In recent months, Citrus purchased the remaining house in the terrace for a reputed £500,000, which it had planned to covert into a 50-bedroom extension with a luxury health spa.

David Reid, director at Christie + Co, said the hotel attracted a dozen viewing bookings within 48 hours of coming to the market, along with expressions of interest from overseas buyers.

By Angela Frewin

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