Former college site snapped up for refurbishment plans

Former college site snapped up for refurbishment plansFHP, acting on behalf of Melton Mowbray Town Estate, has sold the former Brooksby College on King Street in Melton Mowbray.It is understood the Peterborough-based buyer is proposing a refurbishment of the property into Apartments for rental plus some newly built accommodation, after being vacant for some time.The building spans 16,000 sq ft, includes 10 parking spaces, and was listed with a guide price starting at offers over £400,000.David Hargreaves of FHP said: “Our marketing targeted Residential Developers, Housing Associations, Offices, Workshops and Medical users and we had significant interest. This ranged from an art gallery to a dance studio, a church, manufacturing and a recording studio, as well as interest from developers looking to either refurbish or demolish the building for housing.”“We started marketing in August which was not ideal due to holidays and with the property market as a whole still in shock from base rates rising to 5.25% from sub 1.00%. Because of the market conditions we “guided low” in terms of price which generated strong interest and enabled us to go best bid. We received five offers with a sale completing at a price well over £500,000.”Graham Betts, chair of Melton Mowbray Town Estate, said: “We are delighted to have sold this building and look forward to seeing it being brought back into use for the benefit of the town. David Hargreaves and FHP did a great job in terms of marketing and generating interest and secured a price above our expectation – brilliant.”