Lluesty Hospital in North Wales sold at auction for “£275,000 in February. The
classical building, which is set around a court yard and complete with a
parapet, was bought by property developers who plan to build 70 houses in
its 7.4 acre grounds.

One auction house based in Yorkshire and London said 14 councils had listed
100 of their properties for its most recent sale.

Even central Government is trying to reduce its estate, with sales totalling
£115 million in the past nine months – including historic buildings such as
the former Land Registry headquarters in Lincoln’s Inn Fields, London.

Property experts warned that some of the public buildings could be too large
and dilapidated for an amateur developer, but others were considered more
manageable.

Southwark Council sold off a split-level three bedroom flat in East Dulwich,
south London, for £240,000 in February. The average price for a house in the
area is £366,000.

For those looking to invest in a holiday property, a cottage next to the Tate
in the seaside town of St Ives, Cornwall, is on sale for £150,000.

Investment analysts at the trade publication Stock Market Review encouraged
property-hunters to keep tabs on the list of buildings up for sale each
month.

“People who want to renovate a former public building into a modern
residential home may scoop a bargain if what they want does not sell well in
the auction room,” a post on the website read.

“The councils are using auction houses so it is best to keep up to date with
brochures from local auctioneers, this will list what lots they have to
offer in any forthcoming auction.”

But campaigners have warned that the sale of hundreds of historic buildings to
developers is putting Britain’s architectural heritage at risk.

The Society for the Protection of Ancient Buildings (SPAB) also raised the
prospect that buildings which are not sold could end up being abandoned and
boarded up to reduce running costs.

SPAB secretary Philip Venning said: “The situation could well become something
of a gamble for hundreds of historic buildings.

“While there may be some positive outcomes, SPAB is deeply concerned that
great swathes of the nation’s built heritage will face an uncertain future
under new ownership – or will simply be mothballed.”

Ian Lush, chief executive of the Architectural Heritage Fund, said: “The
transfer of assets is both a threat and an opportunity.

“It is a threat because the number of historic buildings which are being
declared redundant by public sector owners – and this is not just local
authorities, but also includes the Ministry of Defence, fire services,
health trusts and so on – exceeds the number of community groups and
commercial developers able to take them on.”