Ede Holdings, an Oxfordshire-based family business, has acquired Abingdon’s Old Abbey House for £927,000 with the intention to turn the property into a boutique hotel.
Set to operate as a 20-bedroom hotel, the property will reportedly create jobs for local residents and provide a boost to the town centre’s economy.
Ede plans to renovate the establishment by working within its existing footprint, as well as restoring its original features to create a high-quality hotel with a mixture of accommodation and facilities.
Daniel Ede, director at the company, said: “We are very much looking forward to working with the planners to come up with an appropriate hotel scheme, whilst also restoring the building to its former glory.
“The proposed hotel will ensure that the freehold of the building remains intact and that it will be maintained into the future.”
Some £430,000-a-year is estimated to be injected into the town through retail, food, drink, and local attractions through the hotel which will also secure wider employment opportunities in the area.
Councillor Emily Smith, leader of the Vale of White Horse district council, said: “After standing empty for many years, I am so pleased the council has found a way to bring the much-loved Old Abbey House back into use and secure its future at the heart of Abingdon.
“We’re delighted a local company with the expertise in historical properties will restore the building and create a unique hotel that will help attract visitors to Abingdon town centre, as well as provide new jobs.”