A HISTORIC building believed to be Saffron Walden’s oldest inhabited property has been placed on the market for the first time in almost 60 years.

A HISTORIC building believed to be Saffron Walden’s oldest inhabited property has been placed on the market for the first time in almost 60 years.

The youth hostel at Myddlyton Place will be for sale by formal tender at noon on November 24.

The property was acquired by the Youth Hostel Association in 1956 but is now being sold off as the organisation looks to invest in two of its other existing ventures in Sussex and Northumberland.

Chief executive Caroline White said: “Saffron Walden was chosen [for closure] because when we looked at the amounts we would need to spend, even allowing for significant increases in the numbers of people staying and cost savings, the site would not make a sufficient return.

“We estimate that even with an investment of �1m the youth hostel would make a loss for YHA.”

Described as the ‘finest Grade I listed medieval building’ in the town, Myddlyton Place is commonly regarded as the most photographed building in the whole of Essex. It has a treasure trove of original features and remnants of its history through the ages including an 18th century tapestry.

Timber-framed and Grade I Listed, it covers some 6000 sq ft and is being marketed as suitable for conversion back to a single residential property, subject to planning permission.

However, it will continue to operate as a youth hostel until March 2011 so agent Snow Walker Associates will be conducting accompanied viewings solely on Sunday afternoons and by appointment only.

For more information call Snow Walker on 01799 521761 or visit snow-walker.co.uk