£1 million development project in SDL Auctions Leicester auction

SDL Auctions Graham Penny will be offering the “Pigeon Factory” for sale in its next Leicester auction at the King Power Stadium on Tuesday 9 October.

The former hosiery factory at 41-43 Canal Street in South Wigston is one of the oldest buildings in the area and has been abandoned for more than 25 years.

Carl Finch, senior valuer at SDL Auctions Graham Penny said: “We are very pleased to have been asked by Oadby & Wigston Borough Council to sell this historic site in our next auction.

“The site is only available at all because the council used its compulsory purchase powers to bring this long neglected Victorian building back into the marketplace.

“We are expecting strong interest from investors and developers as the site currently has planning consent for conversion into 12 one bedroomed apartments.”

He estimates that the total value of the site, once converted, will be in excess of £1 million.

“It would also make a great build-to-rent investment as it could generate a rental income of around £70,000 a year,” he said.

The old building got its nickname from local residents because of its rundown condition and the fact it had become a home for hundreds of pigeons.

The property retains many original features, with detailed brick work, arched windows, numerous exposed beams, timbers and cast iron columns, along with a superb vaulted ceiling on the top floor.

Carl Finch added: “It is extremely well located, close to a great range of local shops, parks and schooling and has good access to the city centre and the motorway network.”

Cllr John Boyce, Oadby & Wigston Borough Council leader, said: “This is an important development for residents, especially those who live in the vicinity. The council’s actions and auction sale mean that the building can soon look forward to returning to its former Victorian splendour and becoming a valued asset to the area.”

The freehold property has a *guide price of £100,000 but has no reserve price and will not be sold before the auction.

The property is one of several dozen lots that will going under the hammer in SDL Auctions Graham Penny’s next Leicester auction at the King Power Stadium on Tuesday 9 October.