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Campus sold for £2m less than its asking price

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De Montfort University has sold its Charles Frears campus in the city to the University of Leicester – for £2 million less than it was marketed at.

The site, in London Road, Leicester, has been bought for £2.9 million, but had previously been up for sale with a guide price of £5 million with Innes England.

An undisclosed developer, with plans to build homes on the seven-acre site, was close to exchanging contracts with DMU in August, but negotiations fell through and the site was put up for sale again.

Nursing students who had used the site in the Stoneygate conservation area moved to the university's city centre campus last summer.

Education bosses at the University of Leicester said the building will be used for teaching purposes, but could not say what they would be.

Funding for the purchase has come from a combination of loans and the university's reserves.

A university spokesman said there were no plans to use the site as student residences.

Professor Sir Robert Burgess, vice-chancellor of the University of Leicester, said: "This acquisition is a key part of our £1 billion development plan.

"In a global marketplace for education, it's essential the physical attributes of the university reflect its world-class research and teaching.

"What we're developing in Leicester reflects the kind of institution we are and our ambition to be one of the best in the country."

Brookfield House, which dates back to the 1800s, stands on the site and was once owned by Thomas Fielding Johnson, the principal benefactor of the University of Leicester.

Its name will be retained and the building will be refurbished subject to planning permission.

Trevor Humphreys, director of estates and facilities management at the University of Leicester, said: "Our strategic plan envisaged the need for additional land and an allocation of capital had already been set aside for such a purchase, so there is no impact on other capital projects.

"The purchase enables the university to continue with its objectives of estate improvement and, in the long-term, the University of Leicester estimates the purchase will save millions of pounds as it will no longer need to lease other local premises to accommodate its services.

"The site has a real parkland campus feel to it, which will be a great benefit for staff and students who may be located there, and complement the high-quality environment already experienced on the university's main campus and at its student village in Oadby."

David Carrott, director of estates at DMU, said: "We are very satisfied with the price agreed.

"This sale completes our planned programme as we drive forward a multi-million pound investment in facilities and the transformation of our city centre campus over the next three years.

"It's great to hear the University of Leicester will be developing the former Charles Frears campus and will continue to use it for educational purposes."

David Oldershaw, from the Stoneygate Conservation Area Society, which represents home-owners close to the site, said: "This seems very positive given the university is a good business.

"It's pleasing it will remain for teaching purposes, but we hope the issue of parking is thought through carefully along with other plans the university may have."

Campus sold for £2m less than its asking price


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