From the
https://www.kentonline.co.uk By Sam Williams, 24 June 2021.
The Grand hotel in Folkestone sells at auction.
An historic hotel in Kent has sold at auction for £448,000.
Hallam Estates Ltd, the company which owns the freehold of The Grand in
Folkestone, was put into administration earlier this year after becoming
insolvent.
The Grand has sold at auction. Picture: Gary Browne.
As a result, the Grade II listed building was put up for auction by
order of the administrators, Begbies Traynor, based in Brighton.
It was listed with residential property auctioneers, Barnard Marcus.
Details on their site said the sale offered: "Freehold reversionary
ground rent investment, together with substantial conference, banqueting
and restaurant facilities forming part of the freehold title."
The building has a "coastal location with coastal park and sea views",
the listing added.
According to the Land Registry information the administrators are
holding, there appear to be 64 leases - 41 leases with under 55 years
remaining and 23 long leases.
Ground rent is charged at £3,595.
It was also revealed that "there are proposed works of repair and
maintenance to the fabric of the building towards which the
freeholder/commercial owner must make a contribution".
The Grand was built more than 100 years ago. Photo: Martin Easdown,
Fashionable Folkestone.
The first bid was placed at £275,000, but in the end it went for
£448,000.
It is not known who has purchased the site, or what their future plans
for it are.
Robert Moss, a director of Hallam Estates, says furniture and other
items, such as a grand piano and heirlooms, have been removed from the
building this week.
He said: "There is a lot going on.
"They came in and took stuff, including a £25,000 grand piano and
heirlooms."
Black and white photo of the Grand hotel's palm court. Photo: Martin
Easdown, Fashionable Folkestone.
The Grand - which includes hotel rooms, private apartments, bars and
restaurants, was built in 1899 along The Leas and overlooks the English
Channel. It has been a popular location for events, including weddings.
Documents posted on Companies House reveal that at a court hearing in
December, a judge was satisfied that the Hallam Estates was insolvent on
"both a balance sheet and cash flow basis".
In addition, the balance sheet showed a "considerable deficiency".
A post from social media in March revealed staff were shocked and
heartbroken over the news that administrators had been appointed. |