Development Opportunity, Rearsby, Leicestershire
East Midlands
£550,000
Listed on 18/09/2026
Listed on 18/09/2026
The listing
Property details
Bedrooms
4Type
HouseDescription
A former village public house in Thrussington is offered as a redevelopment project, with plans for two separate homes. The existing building is proposed for conversion into a detached house of approximately 2,061 sq ft, with four bedrooms, three bathrooms, two reception rooms, a kitchen-dining area, utility room and cloakroom. The plans also show a garage, two driveway spaces and a private rear garden.
The second plot has full planning permission, as stated in the listing, for a detached bungalow of approximately 1,155 sq ft. Its proposed accommodation includes three bedrooms, two bathrooms, a kitchen-diner and utility room, with three parking spaces and a private side garden. Buyers should check the planning documents, conditions, services and legal position independently before proceeding. The vendor invites unconditional offers, and viewings are by appointment with the agent.
Thrussington is described as having a primary school, village hall, deli café and pub, with road access to Leicester, Loughborough and Melton Mowbray and the A46 nearby. The former Blue Lion has a long history as a village pub. The listing refers to anticipated finished values, which are subject to specification and market conditions.
WHOTS analysis
Our WHOTS verdict
An internal assessment of the opportunity to acquire, improve and create value.
55out of 100
Grade DWeak opportunity
Confidence: MEDIUM
The former Blue Lion is a distinctive, substantial building with the potential to become a four-bedroom detached home, and the £550,000 asking price is 12.9% below the local average on a £/sqf basis—an attractive entry point for a project buyer. The dated, worn interiors, debris and damaged ceiling areas leave plenty of scope to reshape the former pub, while the overgrown garden and substantial hardstanding offer further improvement potential. The listing also describes full planning permission for a separate bungalow on the rear plot; check the approved plans and conditions before relying on that opportunity.
This is nevertheless a weak overall opportunity on the numbers: purchase plus the £90,000–£160,000 renovation range looks tight against local benchmarks, with the calculated midpoint all-in cost above the implied current local average value. The project’s appeal will depend on the finished scheme and careful control of costs; the photos do not establish the roof, structure or services condition.
Key opportunities
- Rework the former pub’s substantial interior into the planned four-bedroom home, with two reception rooms and a living/dining kitchen.
- The overgrown rear garden and existing hardstanding create scope to improve the outdoor setting and approach.
- The listing states that full planning permission has been granted for a detached bungalow on the rear plot; verify the permission and conditions.
Key risks
- Worn and deteriorated interiors, debris and damaged ceiling areas, together with a £90,000–£160,000 works range, point to a major conversion programme rather than a cosmetic refresh.
- The photographs do not establish the roof, structural or services condition; these need checking before committing to the conversion.
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Finance
Mortgage calculator
Illustrative repayments based on the asking price, not a mortgage offer.
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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.
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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£600,000Initial listing
17/09/2026Services
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