A former town cinema set to be converted into six flats has gone up for sale with a £300,000 pricetag.

The Savoy Cinema in Trinity Street, Halstead, is set to be auctioned off after owner Vaio Pak Investments Ltd chose not to proceed with the project to turn the building into luxury flats.

The property will now be one of 25 lots up for sale at an auction run by Cambridge estate agents, Cheffins.

It is estimated the Savoy could be sold for somewhere in the region of £300,000.

The building comes with planning permission to create six apartments as well as a commercial space in the foyer area on the bottom floor.

The front of the Savoy is also expected to be redecorated in a bid to restore the appearance of the building to its original form.

Ian Kitson, who is a director at Cheffins said: “The Savoy building in Halstead is sure to be an income-generator for a developer or a private investor.

“As returns are still comparatively high on both residential development and commercial properties, we expect a number of the lots on offer to attract interest from not only local investors but also from purchasers from further afield, aiming to diversify their income streams.”

Planning permission for the conversion of the Savoy was first granted back in 2014. However, progress on the project has stalled since then, with Vaio Pak Investments purchasing the property last summer.

This year the company reapplied for planning permission to extend the three year deadline for the completion of work to 2020.

The Savoy was first opened in 1916 as one of three cinemas in Halstead at the time.

The auction takes place in Cambridge on March 14.