A DISTINCTIVE South Lakeland building has been sold after being on the market for 18 months.

The Lanternhouse arts centre in Ulverston has been acquired by a commercial buyer and consortium of local businesses.

It was forced to close its doors when it lost ‘crucial’ funding two years ago.

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Denis McGeary, chairman of Lanternhouse International’s board of trustees, said: “In 2012, the Arts Council grant was withdrawn and it was crucial for the continuation of the Lanternhouse International company so the board decided that the assets – the Lanternhouse and the workshop – should be sold.”

A creation centre for the arts, the Lanternhouse was opened in 1999 following a £2.2million conversion of the former National School with the help of a national lottery grant of £1.6million.

Mr McGeary said he could not confirm what price the properties had been sold for but revealed the sales were ‘in sight’ of the asking price.

Estate agents Corrie & Co put the properties on the market early last year with an asking price of £230,000 for the Lanternhouse and £650,000 for the workshop.

Mr McGeary also confirmed that sales were to non-arts organisations and that the workshop had been sold to a ‘consortium’ of local businesses. He said the Lanternhouse would become a commercial property. “I think it will be interesting,” he added. “The Lanternhouse will be an entrepreneurial centre for young businesses.”

Mr McGeary said the buildings had been used for the last time in preparation for Saturday’s annual Lantern Festival, which it has hosted in the past.

The sale of the landmark building will also mark the end of Lanternhouse International, which will re-form.

“Like a phoenix it will rise from the flames and will form into a new company,” said Mr McGeary.

He added that the board would also be changing and he would step down from it completely.