£1.5m price put on town housing site

A major housing development which stalled on the site of a historic Shropshire mill when developers went into liquidation is to be sold off with a £1.5 million price tag, it emerged today.

Work to transform Wem Mill into 36 flats ground to a halt in February, prompting civic leaders to brand the partially-completed scheme "an eyesore".

But now receivers say they are poised to put the entire development up for sale and are ready to invite offers in the region of £1.5 million. Its future has hung in the balance since developer Winnington Wem Mill Limited went into receivership.

Mike Rees, who is handling the sale for agents BNP Paribas, today said he was hopeful the site could be under new ownership by February but that no offers had been received so far.

He said: "We will be inviting offers after the developer went into receivership. We want somebody who can come in and get this iconic building back into use.

"It is being sold by the receivers and we are acting as agents for them. We expect offers to be in the region of £1.5 million, but that's just a ballpark figure."

The development will be back on the market from Monday.