£325k Cornish hotel sold ahead of auction

The White Hart Hotel in Launceston, Cornwall has been sold through joint agents, Christie & Co and Allsop prior to its scheduled auction date, off an asking price of £325k.

The White Hart Hotel has been acquired by an experienced operator with funding secured through Christie Finance.

Prominently positioned in the town centre and front facing onto the main town square, the hotel occupies a 17th century Grade II-listed building with 26 bedrooms arranged over three storeys.

There are three bars, two dining rooms, pool room, function suite, ballroom and conservatory, with over 350 covers altogether. The site also includes a three bedroom owner’s apartment with a lounge and kitchen.

New owner, Michael Jordan also owns The Tavern, a pub in Barnstaple, North Devon. Jordan commented, “It has been a pleasure doing business with Christie & Co, but now the hard work starts! It was disappointing to see the White Hart close and our aim is to get the doors open as soon as possible and, over the coming months, start to do renovations to bring this lovely old business back to its former glory.”

Jimmy Johns, Finance Consultant at Christie Finance, who advised and brokered the funding to facilitate the purchase of the White Hart Hotel, said “We are delighted to have helped Mr Jordan acquire the White Hart Hotel to add to his growing portfolio. Having secured strong funding support on his behalf, Mr Jordan is well placed and we wish him the very best with the business.”

Stephen Champion, Senior Business Agent based in Christie & Co’s Exeter office, said, “We continue to see high levels of demand for hotels across the South West from both domestic and international buyers, especially when the hotel has upside. We are pleased to see the White Hart Hotel has been sold for continued use and look forward to seeing what improvements and changes Mike Jordan has planned for the hotel.”