Regular police raids were carried out at the Mill Wheel pub, in Lumbertubs, before it was finally shut down more than a year ago to the delight of residents.

But now property agent Paramount Investments has said the lowering of the leasehold price to just £150,000 has already started to garner interest from landlords, who may soon buy it and restore the building to its former use.

Brookside Residents' Council, which covers the site in Billing Brook Road, has carried out surveys in the area which found that most of the residents would like to see the building used as a community centre.

Secretary Margaret Pritchard said: "I know the residents were very happy when the place finally closed down, and we were hoping it would stay that way.

"The pub has a very long history of problems. It just seemed to attract drug dealers and other unsavoury types when it was open, and the police were always there.

"If it was to reopen, we would rather it be turned into a family pub where you would go for a meal, and not the same type of place it used to be. Ideally, we would like to be able to use it as a community facility.

"But the building is not in a good state of repair, and a lot of money would need to be spent on it to turn it into a nice place to visit."

New efforts to find a buyer for the property have not been met with enthusiasm by residents. Mrs Pritchard added: "The place created an atmosphere of fear, because there were always people hanging around outside it and causing trouble.

"People were too frightened to walk down to the shops when it was open. We don't want to see it go back to that."

Managing director of Paramount Investments, Mark Greig, said the property could be one of a growing number of former pubs which are being sold on to entrepreneurs wanting to take advantage of "rock bottom" prices.

He said: "We are trying to find a publican to buy the lease. But if no publican or pub company steps forward to save the Mill Wheel, it may cease to be a pub at all."

Councillor Lee Mason (Labour, Lumbertubs), whose ward includes the Mill Wheel pub site, added: "This would not be the ideal solution for residents, because the pub caused a lot of problems.

"One of the owners did try to tidy it up a bit but it's in a bad state of repair now."

Paramount Investments are specialists in sourcing freehold and leasehold pubs for sale and other pub company or brewery investment opportunities in England, Scotland and Wales for potential property investors.

Paramount Investments

150 West End Lane
West Hampstead
London NW6 1SD
DDI: 020 7644 2307
Fax: 020 7604 3457
Mob: 07949 175 280

Web: http://www.paramount-investments.co.uk
Blog: http://uk-pubs-for-sale.blogspot.com/