Council approves £2.2m sale of university building

The decision to sell a university building to its current tenant for £2.2m has been approved by Leicester City Council.

De Montfort University (DMU) has leased the Innovation Centre, in Oxford Street, from the council since its construction in 1995, according to council documents.

The site will be sold subject to certain conditions, meaning the property cannot be used for overnight accommodation, including student housing.

It is currently used by the university to provide space for new businesses started by graduates.

The property was advertised for informal tender on 12 January 2026.

However, the council has engaged with DMU on a one-to-one for a direct sale, owing to its long links to the site.

Council documents say the university is an "ideal candidate" to "maximise the future potential of the site".

But Conservative councillor Hemant Rae Bhatia raised concerns that £2.2m might not be the "best price" for the property.

"To be clear, we are not opposed to the university acquiring the site in principle, and there is a strong case for it, but the process must stand up to scrutiny," he said.

Additional reporting by the Local Democracy Reporting Service

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