Building sale secures council £2m

A 150-year-old Grade II listed building in Essex has been sold to developers who plan to turn it into a hotel.

The County Council agreed to sell Grey Friars, in Colchester High Street, for almost £2m.

The council said the sale would help in the preservation and restoration of a "fine historic building".

The rear of the site will be redeveloped for housing. Proceeds from the sale will go to improve facilities at the Wilson Marriage Centre.

Councillor Peter Martin said: "Our objective has been to get maximum value for all the taxpayers of Essex out of our surplus asset, while also looking to reinvest the proceeds in frontline services and community uses.

"This deal means we have been able to realise the potential of having a wonderful hotel at Grey Friars to aid the regeneration of the adjoining cultural quarter and the St Botolph's area of Colchester."