A real estate developer who sank $ 4.3 million in the convicted renewal of a historic hotel on list II that sells it now for only one dollar.
Na’im Payman bought the Royal Hotel in Kettering, Northants.
But the businessman now says he has run out of financing to complete his dream project to turn the complex into a wedding place, restaurant, nightclub and cafeteria.
As a result, property hunters are receiving the opportunity to take the Victorian milestone for the “unprecedented” guide price of only $ 1, without any reservation.
The 43 bedroom hotel has hosted the tastes of Queen Victoria and Charles Dickens during its rich 147 -year -old history.
Your money could get you the main building of the hotel, with a ballroom, a billiard room with an impressive glass dome, old bar and various functions spaces.
However, it is presented with a capture, as it is warned that potential buyers will cost at least $ 1.4 million, at least to finish the Payman project.
Payman said, “It’s a great lament we sell the Royal Hotel in Kettering.
“This hotel has occupied a particularly special place in my heart, given its prominent role in the city and the deep affection of the local community.
“I had really hoped that we could restore it so that it honored its legacy and served as a catalyst for the revitalization of the Kettering Center.
“To date, we have invested about $ 1.4 million in reforming parts of the property, identifying characteristics of historical importance, preparing applications and drawings to give life to our vision and adjust digital identity and brand.
“This included plans for a boutique cinema, especially appropriate after the recent closure of the Odeon, and in response to a strong community demand for this facility.
“The property showed a great promise as a popular place for weddings and events, completed with a mini-spa, a bridal hall, collaboration spaces, cafeteria and restaurant.
“Unfortunately, despite my best efforts last year, I could not secure the remaining funds needed to complete the project.
“We had an investor ready to lend $ 4 million, but they took us out, so we ran out of time and money.
“As a result, I had to make the decision very difficult to sell.
“I sincerely look forward to someone who shares our vision of the future of the Royal Hotel Avanci to buy the property and bring the project, instead of seeing -turned into apartments.
“To support this, we are more than happy to share all the heritage drawings and reports we have developed, to help the new owners deliver this project quickly and quickly.
“It predicts that it would still cost at least $ 1.4 million to see the vision and hope that potential buyers can see the striking potential that still holds.”
The hotel was rebuilt in the Jacobean style in 1878 by the Duke of Buccleuch, who sold it to Brewers Pickering, Phipps and CO in 1896.
Charles Dickens stayed at the hotel in 1835 as a Morning Chronicle reporter covering the Northamptonshire election.
The name of the hotel changed in 1844 when Queen Victoria stopped in Room 12 on the way to Stamford, Lincs.
Previously used by the Home Office to house migrants, the building’s work began in the ballroom to transform it again to its previous glory.
All rooms retired to allow the interiors to be remodeled with attempts to preserve historically important Victorian architectural features.
In addition to a large basement nightclub, the hotel has commercial showcases and a cafe that has the market.
The Howsold real estate agents say on their property list: “A really unique opportunity to buy and imagine one of the most iconic buildings in Kettering.
“The Royal Hotel, a milestone in Grau II, victory, is now available for purchase, which offers a substantial footprint in the main shopping center of the city.
“With the available architectural plans available, the Royal Hotel offers the opportunity to create a modern hotel and main events place, restoring a piece of local heritage to its previous glory.”
The auction takes place on July 31 and offers can be made at https://auccions.howsold.uk/lot/details/153011
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Image Source : nypost.com