An opportunity to develop a boutique hotel as part of an upscale mixed development in Torquay has been put on the market.
The former Palm Court hotel, which occupies a prominent position on the Torquay seafront, originally comprised 50 en-suite bedrooms with eight self-contained flats.
However Monarch Houses Ltd, which acquired the property in 2001, has won planning permission to demolish and rebuild the site.
The development will comprise a 44-bedroom hotel, a restaurant, function suite, health spa, 14 residential apartments, a casino, café bar and private on-site parking.
"Given the dynamics of the location and complementing business uses within the scheme, it is envisaged that a boutique hotel would be most appropriate for the development and we understand from the present redevelopment scheme that the majority of the bedrooms would have sea views," commented Peter Addyman from the Exeter office of Christie + Co.
"This opportunity may be of interest to hotel operators, an entrepreneur/investor or a developer in conjunction with one or more operators for the hotel, café bar, health spa and casino."
"Alternatively, a future owner may wish to capitalise on the existing property and refurbish the building to its former glory, subject to the necessary approvals."
Property agent Christie + Co is seeking unconditional offers in excess of £3m for the freehold interest in the development.