Luxe hotel hits market for just $2 — but there’s a catch
A luxury hotel in the UK has hit the market for an insane price of £1 ($A2) after a property developer forked out £3.2 million ($A6.7 million) into the doomed renovation of the building.
Na’im Payman splashed £2.2 million ($A4.6 million) on The Royal Hotel in Kettering, Northants in 2020. He also another million pounds ($A2.1 million) revamping the site.
The businessman has now run out of funding to complete the project, turning the complex into a wedding venue, restaurant, nightclub and café.
Now, property-hunters have been given an opportunity to buy the historic landmark for the “unprecedented” guide price of just ($A2) — with no reserve.
During its 147 year history, the 43-bedroom hotel has hosted the likes of Queen Victoria and Charles Dickens.
The hotel features a grand ballroom, a billiard room with a stunning glass dome, former bar and multiple function spaces.
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Payman purchased The Royal Hotel in Kettering, Northants., back in December 2020 for $A6.7 million. Picture: howsold via New York Post
However, there is one catch — potential buyers have been warned it will cost at least another $A2.1 million to finish the project Mr Payman started.
“It is with great regret that we’re selling the Royal Hotel in Kettering,” Mr Payman told SWNS as reported by the New York Post.
“This hotel has held a particularly special place in my heart, given its prominent role in the town and the deep affection the local community has for it.
“I had truly hoped we would be able to restore it in a way that honoured its legacy and served as a catalyst for the revitalisation of Kettering’s town centre.
“To date, we have invested nearly $1.4 million ($A2.1 million) in refurbishing parts of the property, identifying features of historical significance, preparing applications and drawings to bring our vision to life, and fine-tuning the branding and digital identity.
“This included plans for a boutique cinema — especially timely following the recent closure of the Odeon — and in response to strong community demand for such a facility.
“The property showed great promise as a popular venue for weddings and events, complete with a mini-spa, bridal salon, co-working spaces, café and restaurant.
Property-hunters are now being given the chance to snap up the Victorian landmark for the “unprecedented” guide price of just $A2. Picture: howsold via New York Post
Payman says he has run out of funding to complete his dream project of turning the complex into a wedding venue, restaurant, nightclub and café. Picture: howsold via New York Post
“Unfortunately, despite my best efforts over the past year, I have been unable to secure the remaining funds required to complete the project.
“We had an investor willing to lend £3 million ($A6.1 million) but they pulled out, so we have run out of time and money.
“As a result, I have had to make the very difficult decision to sell.
“I sincerely hope that someone who shares our vision for the future of the Royal Hotel will step forward to purchase the property and carry the project through, rather than see it converted into apartments.
“To support this, we are more than happy to share all drawings and heritage reports we have developed, in order to assist the new owners in delivering this project both swiftly and successfully.
“I anticipate it would still cost at least £1 million ($A2.1 million) to see the vision through and hope potential buyers will see the amazing potential it still holds.”
The 43-bedroom hotel has hosted the likes of Queen Victoria and Charles Dickens during its rich 147 year history. Picture: howsold via New York Post
The hotel was rebuilt in 1878 by the Duke of Buccleuch, who sold it to brewers Pickering, Phipps and Co in 1896.
Charles Dickens stayed in the hotel in 1835 as a reporter for the Morning Chronicle covering the Northamptonshire elections.
The hotel’s name changed in 1844 when Queen Victoria stopped in room 12 on her way to Stamford, Lincs.
Previously used by the Home Office to house migrants, building work started on the ballroom to transform it back to its former glory.
All the bedrooms were stripped back to allow the interiors to be remodelled with attempts to preserve the historically important Victorian architectural features.
As well as a large basement nightclub, the hotel has commercial storefronts and a café facing the Market Place.
Potential buyers are warned it will cost at least another $A2.1 million at least to finish the project Payman started. Picture: howsold via New York Post
Estate agents Howsold say on their property listing: “A truly unique opportunity to acquire and re-imagine one of Kettering’s most iconic buildings.
“The Royal Hotel, a Grade II listed, late-Victorian landmark, is now available for purchase, offering a substantial footprint in the town’s primary commercial centre.
“With proposed architectural plans available, the Royal Hotel offers the chance to create a modern hotel and premier events venue, restoring a treasured piece of local heritage to its former glory.”
The auction takes place on July 31 and offers can be made online.
Parts of this story first appeared in the New York Post and was republished with permission.
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