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Development Opportunity, Rearsby, Leicestershire

East Midlands

£550,000

Listed on 18/09/2026

The listing

Property details

Bedrooms
4
Type
House

Features

  • Garage
  • Garden
  • Parking

Description

The former Blue Lion public house in Thrussington is offered as a development project with full planning permission for two homes. Plot 1 is the conversion of the existing building into a detached four-bedroom house, with three bathrooms, two reception rooms, a living and dining kitchen, utility room and WC. The plans give a gross internal area of approximately 2,061 sq ft and show a garage, two driveway spaces and a private rear garden around 10 metres deep. Plot 2 is planned as a detached three-bedroom bungalow of approximately 1,155 sq ft, with two bathrooms, a kitchen-diner and utility room. The drawings show three parking spaces and a private side garden. Planning details and conditions are available through the Charnwood Borough Council portal under application P/25/0640/2. The vendor invites unconditional offers, and buyers are advised to verify the planning, services and legal information independently. The agent also notes that the main former pub building may be available as a separate project. The property occupies a prominent village position, with local amenities including a primary school, village hall, deli café and pub. Leicester, Loughborough and Melton Mowbray are accessible, with the A46 nearby. The building has a long history as a village pub, and the proposed conversion offers a route to retain and adapt the existing structure while developing the rear plot.

WHOTS analysis

Our WHOTS verdict

An internal assessment of the opportunity to acquire, improve and create value.

49out of 100
Grade ELow opportunity

Confidence: MEDIUM

At £550,000, the former Blue Lion is priced below the local £/sqf benchmark, giving buyers a relatively attractive entry point for a substantial village site. The listing also states full planning permission for a house conversion and a separate bungalow, with plans showing distinct parking and outdoor space; verify the permission, conditions and implementation requirements. The worn former-pub interiors, commercial kitchen, damaged ceiling material, localized staining and overgrown grounds offer scope to reshape the property, but the scale is substantial.

The economics are the main constraint: the asking price plus the £180,000–£350,000 renovation range puts the midpoint all-in cost at £815,000, stretched against the £631,387 implied local-average value for this floor area. That is a comparison with a local benchmark, not a forecast of post-works value, so the two-home scheme and its eventual values need careful assessment.

Key opportunities

  • Rework the former pub into the planned four-bedroom detached home, using its character and substantial existing footprint as the starting point.
  • Explore the separately planned rear bungalow as part of a two-home scheme, with plans showing separate parking and private outdoor space.
  • Transform the overgrown grounds and existing hardstanding into more usable outdoor areas and a clearer setting for the proposed homes.

Key risks

  • Worn former-pub interiors, commercial-kitchen equipment, damaged ceiling material, staining and neglected grounds make this a £180,000–£350,000 full-scale programme rather than a cosmetic refresh; allow for a substantial budget and timetable.
  • At the £265,000 renovation midpoint, the £815,000 purchase-plus-works figure is stretched against the £631,387 implied local-average value for this floor area; that benchmark is not a post-works GDV.

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Map

Location

Development Opportunity, Rearsby, Leicestershire
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Finance

Mortgage calculator

Illustrative repayments based on the asking price, not a mortgage offer.

£
£
£
%
%
years

Current average 2-year fixed rate is 4.45%

Current average variable rate is 6.60%

Monthly Repayments
£2,078
Based on a loan of £412,500 over 30 years at 4.45% interest

These results are estimates and are only intended as a guide. Make sure you obtain accurate figures from your lender before committing to any mortgage. Your home may be repossessed if you do not keep up repayments on a mortgage.

Tax

Stamp duty calculator

Indicative tax based on the asking price and the options you select.

Pricing

Price history

-8.3% since listed
£550,000£50,000(-8.3%)
07/10/2026
Current price
£600,000Initial listing
17/09/2026

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