The asking price for The Daffodil in Cheltenham has been reduced by £150,000 as attracting a new owner proves to be a tough challenge.

A former 1920s picture house, the Art Deco building in Suffolk Parade opened as one of the town's most spacious and glamorous restaurants in 1998 but it closed in August 2022.

Owner Stewart Braddock put the property, which has an overall space of about 10,000 sq ft, on the market - but it received no interest. He then applied to Cheltenham Borough Council to change the use from business to residential and was granted planning permission to turn it into a single house in December 2024.

Estate agency Jackson-Stops took on the marketing of the famous old site, promoting it as a house for sale for £2 million in April of this year.

An eye-catching advertisement was plastered on to the front of the building in large letters, outlining the fact that planning permission had been granted for conversion to a six-bedroom single house. It also stated that the building had a "spectacular living area with huge 8m floor to ceiling heights" and added that The Daffodil was "one of Montpellier's grandest residences".

Despite the prominent marketing push, no sale was forthcoming and now the asking price has been cut to £1,850,000.

Jackson-Stops said, in a post on its Instagram account: "We are pleased to confirm a refreshed guide price for The Daffodil House, now offered at £1,850,000."

It added that although planning permission had been obtained for residential use, it could be that a new owner might want to use the building as a restaurant again or find an alternative commercial use.

It said: "This rare level of flexibility makes The Daffodil a truly compelling proposition.

"Set just moments from the Bath Road and Montpellier, with independent shops, cafes and restaurants on the doorstep, the location is every bit as special as the building itself.

"We welcome serious interest from private buyers, restaurateurs, developers or anyone looking for an exceptional and unrepeatable opportunity in one of Cheltenham's most sought after neighbourhoods."