Property developer who sunk £3.2m into doomed restoration of historic Grade II-listed hotel puts it up for sale for just one pound
A property developer who poured a staggering £3.2 million into revamping a crumbling historic hotel is now selling it for just £1.
Na'im Payman snapped up the Grade II-listed Royal Hotel in Kettering, Northamptonshire back in 2020 for £2.2 million.
He pumped in another million trying to transform it into a wedding venue, restaurant, nightclub and café.
But three and a half years on, the dream has hit a wall as Mr Payman finds himself without the money to finish it.
He's now offering the grand 43-bedroom Victorian landmark to property hunters for just a pound, with no reserve.
Once a glamorous hotspot that hosted Queen Victoria and Charles Dickens, the 147-year-old hotel boasts a ballroom, billiard room with a glass dome, a former bar and multiple function spaces.
However it comes with a catch, as potential buyers are warned it will cost at least another £1 million at least to finish the project Mr Payman started.
Mr Payman said: 'It is with great regret that we're selling the Royal Hotel in Kettering.
'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 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.
'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 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 to see the vision through and hope potential buyers will see the amazing potential it 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 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.
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 at https://auctions.howsold.uk/lot/details/153011
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