Is this the sale of the century?

The late 18th century listed, five bedroom Downs House, comes with 10.6 acres of grass and woodland, a barn, bothy, training yard and 43 horse boxes all within a few hundred yards of the start of the world's premier flat race.

It was once home to Eclipse, a thoroughbred from whom 95 per cent of today’s bloodstock is believed to have been descended.

Epsom Council took back control of the run-down property last July after deciding not to renew the lease of its last trainer, Philip Mitchell, in 2007, whose family had been training racehorses there for 48 years.

After deliberating what to do with it for months, it has appointed horseracing and equestrian specialist Bidwells to sell it - though it will also consider letting it on a 125 year lease - preferably to someone in the racing industry.

Bidwell's sales literature describes Downs House as "an incomparable property full of racing history" and "the best seat in the house" in "a truly enviable position".

The sale comes as concerns are voiced about cash-strapped councils, under pressure from the Government, selling off properties for far less than their true market value - an issue highlighted in File on Four on Radio Four on Tuesday night.

Epsom equestrian Caroline Baldock said: "£1.1million for a 10 acre property in the middle of the Downs is shockingly cheap.

"The council originally said that they wouldn’t sell the freehold.  Now they’ve gone back on that.

"I have suggested that the council not sell the freehold, but have been told that covenants will be put on the freehold."

Simon Cairds, of Cairds Estate Agents in Epsom, said: "I have sold property of less than half an acre in the Downs area for £1.6million recently. 

"£1.1million does sound a bit light.

"It may be that an independent auction would be better."

But a spokeswoman for Bidwells said: "There is no standard price for a property like this as it is specialised. 

"We split it down by the property, the stables and the land and £1.1million is the figure we came to. 

“It's a guide price, a realistic figure as to where we see it within the market, and we hope people will be willing to pay higher.

"We are trying to keep it in the racing industry in Epsom.  We are looking to find an an investor to improve the site and put in someone to run it. 

"We want to bring it up to a modern standard, so there are different options for development within racing.

"We have already received a number of enquiries.”

A council spokesman said the guide price reflects the fact that the property needs major refurbishment and what can be done there is limited by its historic listing, and the fact that it is in the Greenbelt and on the Downs.

He said: "The council has a strong preference for the property to remain within the racing industry.

"The council will consider the individual merits of disposal by either freehold or leasehold, depending on proposals put forward."

The deadline for business plans and offers is July 18, after which Epsom Council said it will make a decision based on, not just the size of the offer, but on the interests of the taxpayer and the local racing industry. 

Following Mr Mitchell’s eviction last year, Epsom’s equestrians started a petition, led by Ms Baldock, to save Downs House from any change of use.

To arrange a viewing of Downs House or for further information call Gemma Bailey, of Bidwells, on 01223 559352.

Do you think £1.1million is a bargain price for Downs House?  Leave a comment below or email Hardeep Matharu on the newsdesk on hmatharu@london.newsquest.co.uk

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