Consented redevelopment opportunity for £3 million at the home of British horseracing.
An opportunity to create a boutique 72-bedroom hotel in the centre of Newmarket, the home of horse racing, is being brought to market by commercial real estate firm Colliers.
Planning permission and design consent has already been secured by Review Hotels Ltd for redevelopment of the grade-II listed Rutland Arms Hotel. These plans which will keep many of its original early 19th century period features will also see development of a new bedroom block to the rear, four meeting rooms, conference space, bar and a restaurant with 140 covers. Colliers is marketing the freehold interest of the site for a guide price of £3 million.
Paul Barrasford from Colliers’ Hotel Agency team said: “After the consented expansion and refurbishment of the property is completed, the Rutland Arms Hotel will be transformed into a cutting edge 72-en suite bedroom boutique.
“With a prime high street location in Newmarket it’s an ideal place for guests connected to local businesses as well as the science parks of Cambridge, and with the Rowley Mile and July racecourses nearby we can see the place will be teaming with guests looking for a base for a few days at the races.”
Preparation works for the renovation and construction of the new building have already been completed and a design package is ready to be put out to tender by a new owner.
Noel Byrne, Managing Director of Review Hotels Ltd who are selling the property commented: “We had hoped that we could take a lead in improving the High Street in Newmarket. As existing stakeholders in the town we were proud to be investing in its history, which has been supported by the Town Council. However we’ve experienced delays in the process and with the pandemic as well we’re no longer in a position to take these plans forward, but we hope to see the beautiful Rutland Arms Hotel returned to former glory’s by new owners in the near future.”
The town has had close royal connections since the time of James I, who built a palace there which is now the site of the Palace House Museum, just a minute’s walk from hotel. Historically there has been an inn on the site since the 17th century, but in 1815 John Henry Manners fifth Duke of Rutland, commissioned a hotel to be built. The current listed building is built around a cobbled courtyard that dates back to the reign of Charles II. The new design will ensure that the intricate fireplaces, stained glass windows and decorative ceiling in the original building remain as part of the new design.