The iconic Rutland Arms Hotel on Newmarket High Street, Suffolk, has hit the market with Cheffins.
The historic and imposing Grade II listed building dates back to the 17th century and is one of the most recognisable in the town which is widely regarded as the heart of horseracing. It is being sold on behalf of Review Hotels Ltd.
Recently operating as a 46-bedroom hotel with a restaurant, bar, event facilities and a terrace, it now has planning permission for renovation and refurbishment to turn it into a 72-bedroom upscale boutique hotel. Permission also includes four meeting rooms, a 140-seat restaurant, open-plan bar with private lounges, a commercial kitchen, offices, staff facilities and a 17-space car park.
The Rutland Arms Hotel was originally established as The Ram Inn, before being rebuilt by the fifth Duke of Rutland in 1815. It still retains many of its historic features, including a cobbled courtyard, historic carriage entrance and traditional brickwork.
Alexander Smith, Surveyor at Cheffins which is handling the transaction alongside joint agents Christie & Co says:
“This is a rare chance to acquire an historic landmark in a prime position at the heart of Newmarket. With full planning permission already secured, it presents an exceptional opportunity for a hotel operator to breathe new life into an iconic building in the world’s horseracing capital. The Rutland Arms is perfectly placed to welcome visitors, particularly during the busy racing season, and also offers potential for residential or commercial use (subject to planning).
With the interior fully stripped back, a new owner can begin fit out and refurbishment immediately. I expect strong interest from hotel operators worldwide, as the property offers the chance to fill a clear gap in the market for an upscale hotel in the centre of the town. It may also be of interest for local investors or those involved in the horseracing industry.”
The site includes an adjacent parcel of land on Palace Street, which totals 0.27 acres. The property occupies a central position on Newmarket’s High Street, with nearby retailers including the likes of TK Maxx, Boots, Starbucks and Café Nero, it is within walking distance of the town’s racecourses, Tattersalls auction house, the National Horseracing Museum and Newmarket train station.
Newmarket is situated at the junction of the A11 and the A14 and is 14 miles from Cambridge and 15 miles from Bury St Edmunds.
Price on application.
For further information on this transaction, Alexander Smith at Cheffins Commercial Department on 01223 213666, alexander.smith@cheffins.co.uk