The Southside Guest House on Newington Road in Edinburgh has been sold to new owner Roy Chung for offers over £750k
The Southside Guest House on Newington Road – situated south of Edinburgh’s city centre – has been sold to a new owner for offers over £750k by Christie & Co.
Built in 1867, the mid-terraced property is well established in the Newington area close to The Meadows Park, with eight ensuite letting rooms, reception area, a kitchen and breakfast room, a secluded private garden and patio, in addition to a single bedroom owner’s accommodation on the lower ground level. It’s new owner is Mr Roy Chung, a first time entrant to the guest house industry.
There are several similar guesthouse businesses in the immediate area but despite high levels of competition, the business trades extremely well given the continuing popularity of Edinburgh with visitor numbers remaining strong throughout the year, says Christie & Co.
Previous owners Franco & Lynn Galgani, who are looking forward to retiring and spending more time with family, said: “Christie & Co met our expectations and provided valuable advice and guidance throughout the entire process.”
Stuart Drysdale, Associate Director at Christie & Co’s Edinburgh office who handled the sale, said: “Taken to the market in early August, an offer was received and accepted within two weeks after a number of viewings and high levels of interest, leading to a successful sale. We wish the new owner every success with the business in the future.
“The hospitality market in the capital is extremely buoyant and backed up in the guest house sector by residential values continuing to rise with buyers and lenders within the sector being more aggressive with the comfort of high property values backing up a going concern sale.”
The Southside Guesthouse was sold as a going concern and sought offers in excess of £750,000.