Marketing due to finish on Weston’s Royal Pier Hotel site?
PUBLISHED: 10:00 27 May 2018
The receivers of Weston’s Royal Pier Hotel site may finish marketing it in the next few months.
London firm CBRE took possession of the derelict site from CNM Estates, which owns nearby Birnbeck Pier, last year.
CNM bought the hotel with a £2million loan from the bank Investec, which wants to recoup its investment.
The land went up for sale in April, with no asking priced attached.
The Mercury understands CBRE will start reviewing offers when the marketing is completed – which is expected to be in the next few months.
In the meantime, CBRE has published information for prospective buyers about the possibility of contamination on the land.
When the Royal Pier Hotel was destroyed by fire in 2010, there was a large amount of asbestos left behind.
North Somerset Council paid for the hotel’s demolition, and is out of pocket by £103,000.