21 March 2016 0 Comments
Posted in News

Withy King advises on the purchase of former Carfax Hotel in Bath

Bath’s largest law firm Withy King advised entrepreneurs Ian and Christa Taylor on the purchase of a historic building formerly known as the Carfax Hotel, which the couple plans to transform into a luxury, 40-bedroom boutique hotel.

Paul Daniels, partner and head of the commercial property team at Withy King in Bath, worked closely with Ian and Christa Taylor, who also own the Abbey Hotel and Villa Magdala, to acquire the Grade 1 listed Georgian property in Great Pulteney Street for an undisclosed sum.

“I am delighted that we managed to complete this purchase for Ian and Christa in just over two weeks from receipt of the contract,” commented Paul Daniels.  “This was despite some complex tax issues including an unexpected change to Stamp Duty Land Tax rules in the Budget.  My team have acted on the purchase and sale of many hotels throughout the South West but this property has the potential to be one of the very finest.”

Ian Taylor, who expects to be able to open the hotel this summer, said, “We are thrilled to be bringing this building into our portfolio. Since arriving at the Abbey Hotel four years ago, there’s been no doubt that Bath would be the focal point of our business, working closely with the local community.”

He continued: “Our new property has one of the best addresses in Bath and incredible potential. We will retain the integrity of the building, in an up-to-date interpretation with a nod to the history of Bath. We can’t wait to reveal more in the coming months.”

The former Carfax Hotel was acquired by the Taylors with funding from Barclays Bank. The Barclays end of the deal was led by Bath-based relationship director Matthew Smart.

Tax advice was provided by Rob Branch, a partner at Bath accountancy firm Moore Stephens.

The vendor was represented by international real estate advisor Savills.

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