Bag yourself a bargain!

20/10/2010

THE prospective buyer of a former private members club in Hull is set to bag themselves a bargain, according to a leading auctioneer.

The Cherokee Club in Askew Avenue is going under the hammer on October 28^th at a fraction of its original price.

Simon Grainger, of Garness Jones, has been marketing the property.

He said: “We were originally dealing with the former owner but, for various reasons, it was handed over to Eddisons by the LPA receivers.

“The previous owner did have dealings with Hull City Council, with a view to developing the site.

“It is a good size and is situated in the west of the city, which is quite popular, so it does have the potential for redevelopment.

“We began dealing with it before the recession hit, and the guide price has been lowered considerably since then.”

Previously marketed at offers of about £400,000, the venue now has a guide price of just £90,000 plus.

Tony Webber, of auctioneers Eddisons, said: “Although the final selling price can exceed the guide set, the buyer is almost certainly going to bag themselves a bargain.”

The Cherokee closed in 2008 following months of uncertainty about its future and has remained closed ever since.

But it was once a staple feature of the city’s clubland scene and for more than a decade played host to the Mail’s Talent Trail competitions.

The full size snooker tables made it a popular venue with men, as did the “exotic” dancers who many moons ago used to appear on Sunday afternoons.

In 2007, the club’s Stadium Inns Ltd, announced negotiations were under way to sell the venue to a property developer.

But three years later, the club is still standing.

Mr. Grainger said “In terms of what we have seen historically, I think the club scene seems to be dying off.

“The majority of people interested in the property have been looking at it for redevelopment although we have seen interest from dance schools, because the large space means it is ideal for that use.

“I think it could potentially be redeveloped for a number of uses, such as shops, with space for car parking.

The property currently comprises a number of rooms, including a main concert room, TV, pool and snooker room and kitchen, offices and toilets.

The auction takes place at Leeds United Football Cub, Elland Road on October 28^th from noon.

“I would encourage potential investors to have a look,” added Mr. Grainger.     

Link:

Garness Jones                

www.garnessjones.co.uk