A 239-year-old former residential college site in Lincoln has been sold to developers who plan to turn the listed building into 14 upmarket flats and houses.
The 18th century Chad Varah House on Wordsworth Street has been sold to Dean Draper of Peach Estates, who formed a joint company with developers Philip Good and Colin Holden.
It would be transformed into two, three and four bedroom properties ranging from £350,000 to £1 million under the plans.
Dean said: “I have been trying to acquire this amazing property, which is probably the most important undeveloped building in the uphill area of the city, since 2006.
“Previously it wasn’t for sale. It was part of the University of Lincoln and when its lease came to an end, the owners were trying to re-let it but finally decided to offer the freehold for sale.
“We immediately went after it with the idea of converting it into 14 luxury residences.
“We have been working closely with the city’s conservation and planning departments and also Historic England to achieve the optimum result for this beautiful building.
“The two, three and four bed apartments and houses will range in size from 1,150 sq ft to 3,700 sq feet and the elevation facing Drury Lane will be dramatic and eye-catching.”
He added that the properties would have scenic views, gardens or terraces as well as parking.
Award-winning architect Jonathan Hendry, is in line to work with the team on the project.
Once discussions on conservation and planning are complete, project partners aim to submit a planning application for the conversion by the end of this week.
They hope to begin construction in January 2017 with the aim of opening the luxury homes up to buyers by December 2017.
Chartered Surveyor Banks Long & Co have been behind the sale. Consultant Peter Banks said: “There is nearly 30,000 sq ft of buildings on an elevated site of about 1.7 acres, which date back to 1777 when they were first constructed as the County Hospital.
“In 1879 they were acquired for the establishment of the Lincoln Theological College. After this closed and the assets were transferred to the Trustees, the property was let to De Montfort University and, more recently, The University of Lincoln.”
The building was also temporarily occupied by the Lincoln University Technical College before staff and students moved to their new building in the former Greestone Centre off Lindum Hill.
Peter added: “The sale was supported by indicative schemes from John Roberts Architects, for the building’s conversion to residential or hotel use. Our Surveyor Harriet Hatcher said that, even on her first inspection, she was staggered by the potential offered by the property.”