After announcing plans last week to build a £5m hotel on Southwold Pier, owner and restaurateur Stephen Bournes has decided to sell the Suffolk attraction after failing to secure development funds.
Having secured planning permission to demolish the existing Southwold Pier Pavilion and replace it with a five-storey, 30-bedroom hotel – the first of its kind in Europe - Bournes last week said he planned to begin work on the building in October.
Now, after reassessing his finances, Bournes has decided to sell the pier and its assets for £6m.
He said: “We have been striving for three years to acquire planning permission for the new development. We will leave the Pier with great sadness. We have enjoyed this wonderful opportunity and have become very fond of all our staff.”
The pier, which was originally built in 1900, features three retail outlets as well as restaurants The Promenade Café, The Broadwalk Restaurant, and The Clockhouse Brasserie.
'Profitable business opportunity'
It underwent a major refurbishment programme in 1999, before being purchased by seaside-lover Bournes in 2005.
Tim Gooding, director at Christie & Co who are handling the deal, said a business and hotel opportunity such as Southwold Pier has rarely been available.
“This, coupled with the fact that the eastern region is becoming one of the most sought after leisure destinations in the UK, will generate some early interest in the Pier, which represents one of the most iconic businesses along the Suffolk Heritage Coast,” he said.