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.
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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.
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