THE Kings Arms hotel in Kingsbridge has been sold to a London-based property development firm who specialise in restoring listed properties, according to property agents Bettesworths.

Bettesworths, acting on behalf of their client Wellington Pub Company have sold the freehold to Vision Residences.

The Kings Arms is a prominent Grade II listed coaching inn at the top of Fore Street. The plan is to include a ‘commercial public house or restaurant style operation on the ground floor and to facilitate the substantial cost of the restoration, convert the upper parts to residential homes.’

The sale doesn’t include the former Natwest bank or its five parking spaces, which historically were a part of the hotel. But the sale does include the hotel space above the bank.

Vision Residences have said they ‘recognise the importance of the ground floor commercial frontage on the high street, and have also listened to and taken on board the views of the local community.’

Matt Bettesworth, who handled the sale, said: ‘The sale of the Kings Arms is a significant development within the town centre given that the property has been closed for more than two years. Wellington Pub Company are delighted to have found a sympathetic purchaser and would like to wish the new owners all the very best with their plans.’

Earlier this month, the Gazette reported that the car park behind the 17th century building was being cleared so the sale could be completed.

The Kings Arms has been closed since July 2014, when the leaseholders at the time were unable to afford essential maintenance, and owners, the Wellington Pub Company, refused to pay for repairs. The roof leaks, and the hotel needs a considerable amount of money invested into it.

At last week’s Kingsbridge Town Council meeting, mayor Chris Povey said: ‘It’s positive that Vision Residences are keen to do something with the building - so hopefully there’ll be exciting times ahead, and we look forward to having a new retail unit on Fore Street.’

A spokesman for the Save the Kings Arms campaign group said: ‘SATKA is delighted that, due to its lobbying, the previous owners of the Kings Arms put the property up for sale to stop the stalemate of it being left to deteriorate and become an eyesore in the town.

‘SATKA is very supportive of any purchaser who plans to restore it to its former glory as a pre-eminent feature of Kingsbridge.

‘We support the new purchasers’ intentions and look forward to seeing their detailed plans which hopefully we can put our weight behind during the planning process.

‘We look forward to meeting with the new owners in due course.’

Last year, Kingsbridge resident Rosemary Dunstan started a petition, signed by more than 700 people, calling for the hotel’s restoration. A public meeting attended by more than 130 people at the Crabshell in February saw the formation of SATKA. The group have campaigned extensively, lobbying local politicians to step in to prevent the iconic building laying dormant and see it restored to its historic role as the centre of public life in Kingsbridge.