An historic Victorian property built close to the Shipstones Brewery and used as its maltings is to be sold at auction next month.

Heb will bring The Maltings in Radford Road, Basford to auction with a guide price of £500,000 to £600,000. Previously the property was marketed at £750,000.

The substantial four-storey property was once part of the brewery and where grain was turned into malt for the famous Shipstones beer. Shipstone & Son was once one of the two prominent local breweries in the city - the other being the Home Brewery in Daybrook.

Matt Hilton, partner at heb, said: "This is a fantastic opportunity to buy this building which has a multitude of uses.  The property was substantially refurbished ten years ago and provides a mixture of open plan and separate offices over four floors with additional storage.

"The property would be suitable for alternative uses subject to planning - such as education, religious, training - or for a children's play area."

The Maltings is just a quarter of a mile south of the A52 Nottingham ring road and just over a mile and a half north of the city centre, says Matt.

"The surrounding area provides a variety of residential and commercial uses. There are excellent transport links with established bus roués and the NET tram route close by."

Heb's July auction will be its third this year. The company's first two auctions generated more than £5 million in sales and included commercial and residential sales.

"We are very pleased with the results of our auctions so far," says Matt, who is an award-winning auctioneer.  "This is a new venture for us but we knew that this was the right move in the current climate.

"heb saw the importance to build on the excellent profile heb has and we believe that the economic climate is right for expansion in auctions."

The next heb auction will be held on 14 July 2009 at 2.30pm at the Belfry Hotel, Nottingham Business Park, close to junction 26 of the M1.