After the Carlauren Group went into administration at the end of 2019, Sandown was left blighted by the unfinished renovation of The Ocean Hotel and King’s House.
The Group had planned a luxury hotel and beach club on the site, but it has remained an eyesore for the seaside town for several years.
However, hope could be on the horizon as news of the sale of the freehold has emerged.
Ward: I have been in regular contact with the Receiver
Sandown South councillor, Ian Ward, who is also cabinet member at Isle of Wight council for transport and infrastructure, posted the news on his Facebook page on Thursday.
Cllr Ward said,
“I’m really pleased to report that the Ocean Hotel has been sold!
“It been a difficult time with various rumours going around about why it wouldn’t sell. I have been in regular contact with the Receiver and Planning Enforcement Officer, who have both kept me up to-date and briefed me about the negotiating strategy, which clearly worked.
“So now lets’ look to the future.”
He went on to answer questions in the thread, saying, “the email to me says the sale of the freehold has been completed” and that he believes the leaseholders have been included in the sale.
Not so straightforward
It sounds like the sale of the buildings would not be the final fix of bringing a refreshed building to Sandown.
Some with knowledge of the site think it might just be the first stage, as it’s thought that there are a large number of leaseholders – up to 70 – could be involved.
“When I was working in insolvency the worst assets were those with complicated ownership structures.”
Cllr Andre (Sandown North) added,
“I’ve worked in property and single leaseholds are often problematic. I’d be surprised if this has been resolved so quickly.”
Images: © Sandown Hub