The owner of a derelict Long Sutton hotel have admitted defeat in their efforts to redevelop it after putting the building up for sale.
Offers of more than £500,000 will be considered for The Bull Hotel in Market Place which has stood empty and unused for at least 25 years.
London-based Korvin Developments had planned to turn the grade II-listed building into a “mixed retail/residential scheme”, including 39 two and three-storey apartments, shops and a dining area.
But Jan Von Drazcek, of Korvin Developments, confirmed that its interest in the project was over after ploughing £1.5million on planning and legal fees.
Mr Von Drazcek said: “We have invested a lot of money into what has been a difficult project, with nothing to show for it.
“The credit crunch and banking crisis has meant there is a lack of development funding available so we are not in a position to invest any more money into The Bull Hotel project which is very sad and unfortunate.
We have invested a lot of money into what has been a difficult project, with nothing to show for itJan Von Drazcek, of Korvin Developments
“We don’t have the finances to continue supporting the development and the banks don’t want to support it any further.
“But the development still has planning permission on it and my advice to Long Sutton Parish Council is to be as cooperative as possible with the next person who comes along.”
Parish councillors have worked with Long Sutton and District Civic Society members to secure and tidy up The Bull Hotel site after recent cases of vandalism, trespassing and arson, incl.
Coun Charles Moore, chairman of Long Sutton Parish Council, said: “The parish council is aware of the sale of The Bull Hotel and the former butcher’s shop on the corner of Bull Lane.
“It is hoped that a potential buyer will come forward to restore the much-loved Bull Hotel to its former glory and re-establish the grounds to remove what is a blight on the town.
“There is a need for such a hotel in the area to provide first-rate accommodation for the town, for example a wedding and conference venue.
“The Bull Hotel would be the perfect setting for such events.”
• What should any future owner do with The Bull Hotel? Email email@example.com