THE sale of the Kings Hotel in Newport has been completed, paving the way for a major redevelopment of the currently empty city centre landmark.

The historic 61-bed hotel closed at short notice in January 2012 after a severe downturn in trade, with around 20 staff losing their jobs.

It has remained boarded up for much of the intervening period, but its sale to Shire Hall Limited, a specialist developer of city centre buildings, is set to usher in a new era.

The hotel, which has two ballrooms, was a renowned live music venue, with artists of the calibre of Van Morrison, Jerry Lee Lewis and Robert Plant, among those who trod its boards. It was also a popular location for weddings and conferences.

The Edwardian building, with more than 60,000 square feet of floorspace, and including an adjoining wing with retail units, was sold by joint agents Savills and JLL for an undisclosed sum.

An application is being made for planning permission to turn the five-storey building into 13 two-bedroomed apartments, 14 one-bedroomed apartments, and three studios, with three office units and two shops on the ground floor.

“This marks the start of an exciting new era for the Kings Hotel, which is thought to be on the site of a tavern called the Kings Head, dating back to around 1750," said Gareth Carter of Savills Cardiff.

“This is one of Newport’s most iconic buildings, dating back to the Edwardian era and with Art Nouveau style adornments and detailing to the principal rooms.

"The redevelopment of this property comes at a time of significant change in the centre of Newport, and will in many ways be a symbol of the city’s regeneration.”

Heather Lawrence, of joint agents JLL, said: “We are delighted that the Kings Hotel will be given a new lease of life through this residential development, having stood empty for more than two-and-a-half years.

"The redevelopment will completely modernise the building whilst retaining some of its original features and character, securing this iconic property for future generations.”

The Kings Hotel is the latest in a series of residential redevelopments of old buildings in Newport, which has included the Old Arts College and more recently the Shire Hall.