Hotel operators are being offered the chance to buy the iconic Hamilton Hall property overlooking the first tee and 18th green of the Old Course at St Andrews in Scotland.
Hamilton Hall was originally developed as the "Grand Hotel" of St Andrews and was acquired in the 1950s by St Andrews University and redeveloped as a student residence.
The property was subsequently acquired in 2004 for £20m by a US investor, who wanted to develop a fractional ownership residential development.
But these plans fell through and property agent Jones Lang LaSalle has now been instructed by the lender to sell the building.
Alan Creevy, national director of Jones Lang LaSalle, said: "Properties such as Hamilton Hall almost never come on the open market and we are delighted to handle such a prestige instruction
"The building, which post development will be around 55,000 square foot, is equally suited to a boutique hotel development - which we estimate would allow around 90 bedrooms plus high quality food and beverage offer - or high value residential development, all subject to planning consent."
By Daniel Thomas
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