Former hotel which has stood vacant since 2011 sold for more than twice the guide price at auction.

A PROMINENT hotel building in Bideford which has stool vacant since a major fire in June 2011 has been sold at auction.

The former Tantons Hotel on the Quay was sold to a local developer for a price of £242,000 at an auction in St Mellion, Cornwall on Thursday.

In December the Gazette revealed the hotel, which needs ‘extensive renovation and refurbishment throughout’, was going up for sale.

The building was put up for auction with Clive Emson with a guide price of £65,000 to £100,000, with the potential for development.

Scott Gray, auctioneer and regular on BBC’s Homes Under The Hammer, said: “This iconic and substantial former hotel was one of the star lots in the auction.

“We were expecting strong interest as it offers vast potential in a prime position in the town centre, occupying a large swathe of the riverside.

“Bidding was fierce before it finally went for £242,000 to a local couple, some £177,000 above the lower range of its guide.”