Former Rothesay hotel is sold at auction

The landmark Royal Hotel building on the Rothesay seafront.
The landmark Royal Hotel building on the Rothesay seafront.

The landmark former Royal Hotel building in the centre of Rothesay has a new owner.

The seafront building, on the corner of Albert Place, Bishop Street and West Princes Street, went under the hammer at an auction in Glasgow on Wednesday.

A spokesperson for the firm which carried out the auction, Future Property Auctions Ltd, confirmed that the property had been sold, but would not disclose the identity of the buyer or how much it had sold for.

The building, which had a guide price in the catalogue for Wednesday’s auction of £80,000, was described on the firm’s website as a “rarely available ‘landmark’ former hotel, bar and retail unit”, offering “vast potential for investment growth”, with an estimated commercial rental value of £27,000 per annum.

It was offered for sale as part of a sequestration of the assets of the hotel’s last owner, George Hart, who died in December 2011.

Argyll and Bute Council agreed a rescue package for the property, subject to its sale, shortly before Mr Hart’s death, but was forced to appoint a local firm, George Hanson Building Contractors, earlier this year to carry out work to make the building safe frmo the threat of collapse.

A spokesperson for the authority said last month that if a sale of the property were concluded, the council would “seek to work with the new owner to secure renovation of the building and a sustainable end use”.