An unknown investor is about to splash around £175,000 on a dilapidated property in Donington.
The Red Cow Hotel in High Street was put up for sale by estate agents Morris and Mennie and an offer on the property was accepted on Friday.
The key features that helped secure the offer was that it was a former hotel, with vast car parking, village location and subject to planning permission.
A prime site for re-development into apartments, coach houses and over 70 detached houses in the car park, the main building was said to be on four levels consisting of six reception rooms and 15 bedrooms.
Previous owners have failed to see the property’s potential, leaving it at the mercy of South Holland District Council’s Pride of South Holland hit list.
For years, the Red Cow has been a headache to the council, with its increasing state of disrepair and danger to trespassers and passers-by.
Coun Jane King, district councillor for Donington, said re-development of the site was long overdue.
She said: “It’s years since I was last in the property and it’s been empty so long there’s little left of it inside.
“The hotel has been a headache for the council which has had to board it up and make it safe – and for the police because of trespassers.
“It’s been a complete eyesore and not something that you want in the High Street.
“As it is a Grade II listed building it has been difficult for previous owners to develop. I hope the new owner is able to it into something that will benefit the town.”
A spokesman for Morris and Mennie said there had been a lot of interest in the property.