Yorkshire coast sees hotel and restaurant market boom
The average sale price of pubs, restaurants and hotels in the region has seen double digit percentage growth year-on-year, with the number of hospitality businesses on the market rising by 133 per cent.
It follows a surge of investment designed to boost tourism in the region over the last two years.
A £14m water park and £45m sports village and football stadium are set to open in Scarborough, while plans have been lodged for an £8m Premier Inn in Bridlington – the first new hotel in the town for almost 80 years.
Travelodge is also investing £80m to open 13 new properties in Yorkshire as part of its 2022 growth target.
Oliver Brown, business agent at Christie and Co’s Leeds office, said the ‘flurry of activity’ was encouraging long-term growth.
“The continued investment in Yorkshire’s coastal towns, and increasing strength of the region’s tourist industry, makes the region a highly desirable place to own a business,” said Brown.
He added that the area was increasingly popular with new hospitality entrepreneurs looking for a change of scene.
“We have been approached by an increasing number of people over the past year who have never owned a business before but are looking for a lifestyle change,” he said.
“The Yorkshire coast appears to tick all the boxes as a location and its vast range of hospitality businesses on offer make it a huge attraction for individuals, couples and families wishing to relocate and run their own operation.”