It was recently revealed that a number of properties in a Sicilian hilltop town were on sale for just €1 to reverse depopulation, and now in a similar move Modigliana council in Emilia-Romagna has put an ex-monastery on the market for the same price to conserve the area’s historical and cultural heritage.

Italy, a treasure trove of UNESCO World Heritage sites and historical buildings, is often left struggling to fund the maintenance of these prized areas. So Modigliana council has come up with a novel idea to ensure preservation, putting the Antica Filanda del Casone on sale for a price cheaper than a coffee from Costa.

Once a Dominican monastery, Filanda del Casone originally began life as the first steam-powered silk spinning mill in Italy.

Cristina Rossi, the council’s director of public works, said the sale was all about attracting investment and conserving the area’s heritage.

“The Filanda has such a rich history, it would be tragic to see it fall into decay,” she said, mindful of other historical buildings in Italy which have been left to deteriorate through a lack of funds to restore them.

The council remains open-minded about the future use of the building, which could be converted for residential purposes or used for commercial activity such as a B&B or luxury hotel. Investors thinking of investing, though, should be aware that purchasing comes with the obligation to renovate the property. With a floor area of 1,267 m2, this means significant funds would be required.

The property consists of three stone buildings and 5,500 m2 of land, while the town of Modigliana is easily accessible from the Emiliana-Romagna region’s biggest city, Bologna, whose airport is 78km away. The city of Forli is 31km away, the Adriatic coast is 60km away, while the A14 motorway can be reached in 30 minutes and Florence in an hour.

You can find out more about the fascinating history of the former monastery here.

For more details, you can contact Realpoint Property at [email protected] or call +44(0)7967 331005.