Weston-super-Mare’s Royal Pier Hotel site has been put up for sale, seven months after an independent firm took control of the derelict land.
CNM Estates owned both the Royal Pier Hotel and deteriorating Birnbeck Pier, but in September last year the bank which loaned £2million for the hotel decided to recoup its money.
London-based firm CBRE was brought in as the receivers to decide what could happen to the Royal Pier Hotel – and potentially Birnbeck Pier.
Seven months later, CBRE has put the hotel land up for sale, but it has been confirmed to the Mercury Birnbeck has not been linked with the land sale and there is no set offer price for the hotel site.
Wahid Samady, who runs CNM Estates, hoped to build luxury apartments, bars and restaurants on the hotel land – but this has never come to fruition.
The hotel was destroyed by fire in 2010, and North Somerset Council paid £103,000 to demolish the unsafe structure – money which has not been repaid by Mr Samady.
MORE: Receivers brought in over Royal Pier Hotel site.
Speaking to the Mercury last September, Mr Samady said: “After 11 years of owning the Royal Pier Hotel and at a very significant cost it appears we have failed to find a solution which would lead to its delivery.
“Obviously all parties are very frustrated, including our bank. And I am sure other stakeholders are just as frustrated too.”
Mr Samady told the Mercury last year he invested close to £4million in the Royal Pier Hotel site.
He said CBRE was chosen by the bank Investec, which loaned £2million towards the project, and CNM Estates to assess the next steps for the hotel and possibly Birnbeck.
He added: “It is disappointing we have reached this point but we feel the council and some elements of the local community have not fully appreciated the viability issues.
“It is our hope through the offices of CBRE acting as an objective and respected third party, viable options will be presented to the council for a determination which will be a turning point after so many years.
“We genuinely hope that CBRE as independent experienced property managers will be a catalyst to break the deadlock and we expect they will have open and constructive dialogue with all involved to find a solution satisfactory to all parties including resolving any outstanding funds to the council.”
The Mercury contacted North Somerset Council about the outstanding fees, but did not receive a comment in time.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here