Latest news with #Na'imPayman
News.com.au
9 hours ago
- Business
- News.com.au
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. 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. '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 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. 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.
The Sun
a day ago
- Business
- The Sun
I pumped £3.2MILLION into doomed revamp of crumbling historic hotel – now I'm selling up for £1.. but there's a catch
A PROPERTY developer has been forced to put a derelict hotel on sale for just £1 after pumping £3.2 million into its restoration. Na'im Payman spent three years trying to revive The Royal Hotel in Kettering, Northants back to its former glory. 7 7 7 7 He bought the historic Grade II-listed hotel back in December 2020 for £2.2 million. Payman then forked out another million pounds to refurbish the 147-year-old landmark, which once hosted the likes of Queen Victoria and Charles Dickens. The businessman had grand plans of transforming the 43-bedroom hotel into a wedding venue, restaurant, nightclub and cafe. However, he has run out of funding before he could complete his dream project. The Victorian landmark has now been put on the market for the "unprecedented" price of just £1 with no reserve. Just a quid would get prospective owners the main hotel building with a grand ballroom, a billiard room with a beautiful glass dome, former bar and multiple function spaces. The offer sounds almost too good to be true, and property-hunters should be warned that there is a catch. The crumbling hotel's revamp is estimated to cost another £1million to finish. 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." Payman poured nearly £1million to rebuild parts of the property while preserving its historically significant features. The businessman said the hotel showed great potential of becoming "a popular venue for weddings and events". The development plans also included opening a mini-spa, bridal salon, co-working spaces, cafe and restaurant. Following a strong demand from the community after the closure of local Odeon, Payman added a boutique cinema into the project. He continued: "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." The future owners will receive all drawings and heritage reports to help them bring the project to life. Payman added: "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 Duke of Buccleuch reconstructed the hotel in the Jacobean style in 1878, and in 1896 he sold it to Pickering, Phipps and Co., brewers. Charles Dickens stayed in the hotel in 1835 while reporting the Northamptonshire elections for the Morning Chronicle. The hotel's name changed in 1844 when Queen Victoria stopped in room 12 on her way to Stamford, Lincs. Construction work began on the ballroom to restore it to its former splendour after it was used by the Home Office to shelter migrants. All the bedrooms were stripped back to renovate the interiors while preserving the historically significant Victorian architectural elements. The hotel features commercial shopfronts and a café facing the Market Place, along with a sizeable nightclub in the basement. 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." Bidding offers can now be made online before the hotel goes under the hammer on July 31. 7 7
Telegraph
a day ago
- Business
- Telegraph
Grade II-listed hotel used to house migrants goes up for sale for £1
A Grade II-listed hotel which was used to house migrants is being sold for as little as £1 after a property developer ran out of money to keep renovating it. Na'im Payman bought the 43-bedroom Royal Hotel in Kettering, Northamptonshire, for £2.2m in 2020, and spent another £1m transforming it into a wedding venue and nightclub. But after an investor who had promised to cover the rest of the project pulled out, Mr Payman has been forced to put the building on the market. It will be auctioned in July, with a reserve price of just £1. But the hotel, which is being auctioned by online auction house, Howsold, will require at least £1m more investment, the seller warned. Mr Payman said: '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. '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 £3m, but they pulled out, so we have run out of time and money.' The serial entrepreneur added that he would be happy to share architectural plans with the buyer to help finish the project. He said: 'I anticipate it would still cost at least £1m to see the vision through, and hope potential buyers will see the amazing potential it still holds.' The hotel has been stripped back to a 'shell state', according to the property listing, but still requires substantial further works. It was first redeveloped into the distinctive Jacobaean style in 1878 by the Duke of Buccleuch, before being sold in 1896 to brewers Pickering, Phipps and Co. While a reporter for the Morning Chronicle, Charles Dickens stayed at the hotel, the name of which was changed after Queen Victoria stayed in room 12 in 1844 on her way to Stamford in Lincolnshire. But its recent history is less noble. The hotel was used by the Home Office and contractor, Serco, to house migrants between 2022 and 2023, with former MP for Kettering, Philip Hollobone, saying in 2023 that he had 'vigorously opposed' the housing of asylum seekers in the town centre. Mr Hollobone said: 'Located slap bang in the middle of the town centre itself, this location has always been completely unsuitable.
Daily Mail
2 days ago
- Business
- Daily Mail
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
