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Roland Logan purchased the building from previous owners Rebecca Lovell-Smith and Christian Carruthers in an as-is, where-is condition.
Work on restoring the 1940s building will begin straight away. It will be completed in two stages, with stage one involving the reinstating of the parapet, new roof and guttering and the replacement of glass on the top floor.
Logan said the restoration project was well worth doing and he wanted to reinstate the building to how it once was.
This would include restoring the five hotel rooms upstairs.
Logan said he is a "hands-on" person who didn’t consider himself to be a businessman as such, but rather a supporter of heritage.
"I am frustrated by the way heritage is largely ignored in this country and I want to do my bit to preserve something here."
Another reason he is taking on the project is because he has been denied permission to move the centrally-located NG building on Madras St in Christchurch to a new site for restoration.
"In some ways this purchase is my consolation for not being able to tackle the other project," he said.
The British Hotel is on the corner of Gladstone Quay and Oxford St and is one of just a handful of old commercial buildings remaining in Lyttelton since the quakes.
The brick building was built to replace the original Richardson’s British Hotel and has a rating valuation of $385,000.
Logan did not want to reveal what he paid for the building or what he intends spending to restore it.
-By Mick Jensen