The former Woolworths building in Margate High Street is on the market for £1.85 million.
The property, which is currently used by The Margate School, is being marketed by Terence Painter Properties.
The Margate School, which needs to hit a £50,000 fundraising target by tomorrow or face closure, holds a lease for the site until June this year.
The property listing suggests a potential for between 9 and 14 flats across three floors with commercial space remaining at ground floor level.
A feasibility study suggests an additional floor could be constructed at roof level to accommodate a penthouse apartment.
Woolworths closed in 2008 following the collapse of the company. The Margate store was purpose built at the corner of New Street for Woolworths in 1925 and traded its eclectic blend of pick ‘ n’ mix, records and then CDs and assorted items until the collapse.
In 2017 the Margate property was bought for £1.98 million by Brede Estates Limited.
Brede Estates directors were former Sands Hotel owner Nick Conington and John Adams, who – along with Mr Conington – was also a director of Nayland Rock Hotel Margate Ltd.
In 2019 The Margate School, who secured £499,000 from the Coastal Communities Fund in September 2018, moved in after renovating several floors of the former shop.
Earlier this month The Margate School revealed it is under threat of closure after recent funding bids failed to come to fruition.
The independent art school is one of Margate’s largest creative communities with nine staff, 25 students, 17 tutors, 12 fellows, 42 studio holders, and a number of volunteers who are in danger of being displaced by the end of January.
Courses were suspended with immediate effect and if TMS cannot raise the necessary funds this month, then it will not be able to restart the courses and will begin the process of winding down all provisions over the coming months.
The Crowdfunder page can be found at https://www.crowdfunder.co.uk/p/save-the-margate-school
The Margate School also says it has been forced to halt its involvement in a multi-million pound project with EKC Group and Thanet council over demands for rent and capital funding.
TMS partnered with the college group and council in a successful £6.3million bid to the government’s Levelling Up Fund to create a digital and education campus with studios, gallery, ‘Fablab’ café and workshops at the former M&S building in Margate.
However, TMS has now withdrawn after being told to pay £30,000pa rent and provide a significant capital sum.