Saundersfoot's Cambrian Hotel has new owners.

Property adviser GVA has confirmed it has secured the sale of the former hotel on behalf of the joint LPA receivers RJ Belcher and GB Judd from GVA.

The Cambrian Hotel, a landmark building and development opportunity in Saundersfoot, ceased trading in 2006, and has been purchased by a joint venture between South Wales developers Actoris and Waterstone Homes.

The property has planning permission for a mixed use development scheme comprising conversion of the main building to provide 12 flats with three shops at ground floor level, plus demolition of a flat roof at the rear and construction of three new maisonettes.

Matt Bryant, director of Actoris, stated: "We are very pleased to have the opportunity of carrying out a significant redevelopment in the heart of Saundersfoot breathing new life into a landmark building. We hope to commence works early in 2011."

James Petherick, of GVA, added: "We are thrilled to have completed this transaction with Actoris and Waterstone Homes, two highly respected South Wales developers.

"The Cambrian Hotel is a focal point of strategic importance for the village of Saundersfoot and to see it restored together with new retail and residential accommodation, will bring significant improvements to the area."

The news of the sale has been welcomed locally.

County Councillor Phil Baker said: "'I am delighted that the sale of the Cambrian Hotel has been confirmed; the building was at the heart of the village, both architecturally and socially, and I look forward to seeing it come back to life again.

"I'm sure the new owners will soon realise what a vibrant community we have in Saundersfoot and that they will receive everyone's support.

"From a personal perspective, I look forward to meeting with them and wish them all the luck with their new venture."

Rob Scourfield, Pembrokeshire Coast National Park Authority's building conservation officer, also welcomed news of the new ownership.

He said: "This is a prominent building in the Conservation Area and its historical importance is reflected in its Listed Building status.

"Its deteriorating condition has been of concern to both the local community and this authority and we are pleased to see progress being made in returning the Cambrian to its former glory."