The Woolmead site in Farnham town centre has gone on sale to developers with a bid hoping to be secured by early next year.
Real estate company Savills has put the site on the market on behalf of government quango Homes England, with a bid deadline set for 1pm on January 7 2025.
Located on East Street, the former shopping centre site currently has planning permission for 138 apartments with 4,097 sq m of commercial space on the ground floor.
It has been earmarked with potential to become commercial units, student accommodation and care facilities.
The purchase of the Woolmead site could finally bring an end to a protracted saga, which began when Berkley Homes acquired the site in 2017.
Despite multiple planning applications being approved, no construction has taken place, and the site has remained a pile of rubble since the demolition of Woolmead House in 2018.
Earlier this year, Liberal Democrat protestors called for the long-delayed development to begin, highlighting what they described as a "flawed" planning system.
They argued that the system allows developers to leave sites with approved plans vacant after making a 'material start' on construction, thus delaying progress indefinitely, even amid the ongoing local and national housing shortage.
A ‘material start’ can constitute anything from digging a small service trench to demolishing buildings, as was the case at the Woolmead.
Since then, Farnham’s East Street has undergone a revitalisation, featuring wider pavements, while nearby Brightwells Yard reached practical completion on September 30, 2024.