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News

‘The Grapevine’ - You Heard It Here First!

Friday, March 22, 2019 By Phil Graves

Graves Jenkins have sold the lease on ‘The Grapevine’ backpacker hostel premises in Brighton city centre for a premium approaching the guide of £50,000.

The new owners, a private Company with other business interests in the city, have pledged to spend a six figure sum on the total refurbishment of the property which will include a coffee bar/bakery adjacent to a stylish hairdressers at ground floor. The rooms over which could offer much needed accommodation for travellers and tourists, will be extensively modernised with the new concept aiming to be open for the busy Summer period.

Phil Graves, who handled the sale on behalf of the owners commentated, “The Grapevine is an established backpackers hostel and been operated successfully under the stewardship of our clients since the late 1990’s. We received plenty of interest and proposals for the site which endorses the ongoing confidence in the city tourist sector, despite the fears over Brexit.”

The imposing double fronted property fronts the main North Road, in the heart of the popular North Laine area with its bohemian retail scene and within walking distance of both the station and the seafront. The current rent is £38,000 per annum.