15th May 2018
Ranksborough Hall development opportunity is highlight of upcoming Leicester auction
One of the most exciting auction opportunities to go under the hammer in the East Midlands in recent years will be the undoubted highlight of SDL Auctions Graham Penny’s next Leicester auction at the King Power Stadium on Thursday 14 June.
Ranksborough Hall in Langham, Oakham, Rutland is being sold as a major development and investment opportunity.
Located at the end of a long private drive in the unspoilt village of Langham, Ranksborough Hall was built in 1839 for Lord Ranksborough who, at the time, was equerry to Queen Victoria.
The lot, which has a *guide price of £1.8m+, includes a substantial grand country home with planning permission already in place to convert the main house and further courtyard building into 24 luxury one, two and three bedroomed apartments.
The site is being sold on a long leasehold with the Hall and Courtyard to contain 22 one, two and three bedroomed apartments.
Laura Wiles, residential auction valuer at SDL Auctions Graham Penny, said: “Eight of the apartments have already been converted, 14 require conversion and finishing works and two have been sold on long leaseholds, so Ranksborough Hall is being offered very much as a work in progress.
“Each apartment will retain original features including high ceilings and remain in keeping with the grandeur of the building.”
The development sits in a private estate of around 50 acres of parkland with spectacular views over the surrounding countryside. The estate includes semi-retired living and holiday homes which are not part of the auction lot.
Carl Finch, senior valuer at SDL Auctions Graham Penny, added: “This is a superb investment opportunity with a guide price of less than £82,000 per unit if you compare it to local new build apartments selling for around £249,000 to £279,000.
“It is in a wonderful location, within the village of Langham with its two historic pubs, and the market town of Oakham on a couple of miles away with its medieval castle, country museum, galleries, shops and restaurants.”
Ranksborough Hall is for sale in the SDL Auctions Graham Penny Leicester auction at the King Power Stadium on Thursday 14 June. To request a free auction appraisal to sell under the hammer with SDL Auctions visit www.sdlauctions.co.uk.