Coventry's old cinema, the Theatre One, failed to sell at auction last week, although bids were made close to the asking price and a sale seems likely, according to local reports.
The old site was part of a land auction totalling £2 million and represented the continued buoyancy of the commercial
property market.
Sylvia Smith, who worked on the auction, told the Coventry Telegraph: "We have been taking fresh advice from the vendors, who are not based on the British mainland, and they have agreed a small reduction in the price.
"As a result we feel sure one of the original bidders, a local builder who is well known to us, will complete a sale this week."
The cinema has been turned into a nightclub, called Mustard, but this closed down after a while and the property became vacant.
Overall, 18 properties were auctioned by Loveitts, some of which offered a prime location in
Coventry's city centre.
Considering renovation work in the Coventry area? Self storage is an ideal option to store household items during a period of maintenance work.
© Adfero Ltd