The property in Porthcawl, south Wales – which is set to be converted into a mix of one-, two- and three-bedroom apartments – has a GDV of approximately £24m.
The site is adjacent to the Royal Porthcawl Golf Course, which hosts the Senior Open, and will overlook Rest Bay, a popular south Wales surfing beach.
The residential scheme (pictured above) is expected to be completed in 2019, with a second phase of development expected to start in 18 months delivering an additional 34 apartments.
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The regeneration specialist will develop the project in a JV with the landowner and has spent two years securing listed building approval and new-build planning consent.
Intelle Construction has been named as the principal contractor on a £7m contract for the conversion work.
James Groombridge, regional managing director for Acorn’s Cardiff office, said: “Having spent the last two years obtaining a new planning consent and listed building approval as well as undertaking over six months of pre-conversion works, it is really exciting to have finally started on the 18-month programme to convert the former convalescent hotel.
“As well as being a fabulous building, the location is superb and it is no surprise that we already have more than 600 prospective buyers registered on our database.”