An historic building in the heart of Coalville will be given a new £4.5million lease of life after being bought by North West Leicestershire District Council (NWLDC).

The row of terraced properties on the corner of Marlborough Square and Belvoir Road will receive a full renovation, creating 10 new first floor apartments and improving the business units on the ground floor.

The council is investing £4.5 million to bring the building up to date, complementing work to Marlborough Square.

The building has detracted from the area for some time, with peeling paint and vegetation growing from its masonry.

With the cost of repair and refurbishment, it is unlikely that a private investor would take on such a project.

As it has done in the past with the former Pick and Shovel pub on High Street, which is now an apartment building, and the former police station site, which is now a housing development, the council has intervened,

The renovation will see:

• Repairs to the building structure, including the roof

• Restoration of the original Victorian frontage

• Replacement of the shop fronts to Marlborough Square and Belvoir Road with traditional frontages

• Conversion of first and second floor accommodation to 10 quality one and two bedroom apartments, which will be offered for sale once complete

• Zero Carbon improvements - insulation to walls, floors, roof and ceilings, replacement doors and double glazing, LED lighting, water efficient fittings, energy efficient appliances, energy efficient heating systems.

While the project is planned to cost the council well over £4million, the sales of the apartments will likely bring this down to £3million. The council says it will also take on landlord responsibilities for the existing business tenants and will continue to lease the ground floor units to keep the area vibrant and attractive for shoppers and visitors. The sale of the building was finalised on February 11. Now the council will tender for contractors to carry out the renovation. The work itself is expected to start within the next few months and it is planned to take around 12 months, with the apartments being ready for sale in 2023. Councillor Richard Blunt, Leader of NWLDC, said: "Marlborough Square has previously been a real heart for Coalville, and it's great that we are able to step in, take on an eyesore in a prominent place and turn it into something people can be proud of. "We did it with the Pick and Shovel, which stood empty for over a decade before it was transformed into an attractive building on a busy corner. "This is the same principle. In this case, we're sensitively upgrading the building to be a great asset to this part of Coalville. "And the added bonus is that we'll create much needed good quality homes in the process. It's another positive for Coalville and I'm excited to see it develop."