Wed, 02 Jan 2013 | COMMERCIAL PROPERTY
A buyer is still be sought for The Esplanade pub in Southend, eight months after ambitious plans for a multi-million pound redevelopment of the site fell through.
The Business Sale Report previously reported the collapse of the plans by owners, Renewal Southend, in April 2012, and the premises has been on the market ever since. Planning permission to transform the seafront property into a four-storey, 58-bed, luxury development is still in place and the estate agents handling the property said that they are pushing to find a visionary buyer for the site.
“We are still acting on that site,” Mike Gray, from agents Dedman Gray, told the Southend Standard. “It is still available for sale, and we have received some revised interest from other parties during the month of December.”
Southend Renewal bought the pub for £760,000 in March 2008, and it is currently valued at more than £1 million. The company put the redevelopment plans on hold in October 2011 – having gained permission from Southend Council in April 2010 – and shelved them completely in April, citing the tough financial climate as the cause of the collapse.
The planning permission will remain valid until April 2013.
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