Beloved Melton Theatre site hits market for £3.5m

The beloved Melton Theatre site on Asfordby Road in Melton has been listed on the open market after its owners say they hadn't received any proposals which could rescue the site.

The site has been listed on the open market by FHP Property Consultants who openly admit in the marketing campaign that they expect interest from developers 'to demolish the main buildings to create a development site'.

The Nottingham and Birmingham-based consultancy, led by David Hargreaves, is presenting the site as a prime development and investment opportunity, benefiting from a central market town location adjacent to a bus station and a public car park.

The site, off Asfordby Road, comprises two parts, including a library building and a former college campus with a 340 seat theatre, 88,000 sq ft of spaces and a car park.

Melton Theatre has confirmed that all 2026 shows will go ahead despite plans by Loughborough College Group to sell off the site. FHP Propertly Consultants say the hope is to have a buyer in place by the Summer with completion in early 2027.

A for sale board has appeared on the Asfordby Road site. Photo: NEMM

They said the Redevelopment option could see "Affordable or Open Market Housing, Retirement Living , a Care Home on the site, a community venue of some nature, or alternatively a Retail led Development with a food store, Gym, a Drive Thru or similar subject to securing the necessarily planning permissions.”.

There are two open days planned for interested parties to look at the site on 26th February and 12th March and parties are asked to make an appointment to attend.

Loughborough College Group announced on in December that they intended to sell its Melton site following the closure of a consultation period.

A statement issued at the time said: "The College Group inherited historic financial liabilities, following its merger with SMB College Group, making it vital that any future use of the site not only offers community benefit but also delivers strong value for money.

Whilst the planned sale means the future of the theatre is uncertain, the College Group has announced a new partnership with Melton Borough Council to develop a dedicated Cultural Hub at The Stockyard. This initiative will mark a new chapter in securing the future of Performing Arts in Melton Mowbray and investing in community culture in the town."

It's been confirmed that the 'cultural hub' at the Stockyard will not be a replacement for the theatre, more an 'open space' for performances.

The Quoting Price is £3,500,000 for 122,000 sq ft of accommodation and the hope is to have a buyer in place by the summer with completion early 2027.

Dom Alston of FHP said: “We will be holding two viewing days on 26^th February and 12^th March with interested parties asked to make an appointment.  Full survey drawings of the building, photos and a drone video are also available to interested parties.”

The site has recently been made asset of community value to protect it in the short term as an important local resource.

Melton Borough Council took the decision following a request from a local theatre company - owners, Loughborough College Group, now has six weeks to appeal against the listing.