Chance to buy £2m hotel for £1, but there's a catch-you'll need £1m to finish it

Na'im Payman purchased The Royal Hotel in Kettering, Northants., back in December 2020 for £2.2 million and has since spent an extra million pounds doing it up.

But the businessman now says he has run out of funding to complete his dream project of turning the complex into a wedding venue, restaurant, nightclub and café.

As a result, property-hunters are now being given the chance to snap up the Victorian landmark for the "unprecedented" guide price of just £1 - with no reserve.

The 43-bedroom hotel has hosted the likes of Queen Victoria and Charles Dickens during its rich 147 year history.

Your quid could get you the main hotel building, featuring a grand ballroom, a billiard room with a stunning glass dome, 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 £1m 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."

By Pete Gavan, Senior Editor