COLCHESTER’S B&Q store, which is set to eventually become a Sainsbury’s supermarket, has been placed on the market for an eye-watering £30 million.

The 8.8 acre site, located off Lightship Way, is being marketed by commercial property giants Colliers International to investors as land with “future residential development potential”.

The supermarket giant’s new tenancy at the property, which is set to last 25 years, begins next month.

However, the DIY superstore is set to take a two-year sub-lease once completion of the Sainsbury’s lease is finalised.

Colliers is offering investors the opportunity to purchase the freehold of the site, which is roughly the size of nine football pitches, with the tenants in situ for £29,225,000.

Gazette: How the new Sainsbury's in Hythe could look once eventually openHow the new Sainsbury's in Hythe could look once eventually open

READ MORE: Work set to finally start on new Hythe Sainsbury’s in May

A report prepared by Colliers states significant development of Hythe is expected over the coming years, with the nearby University of Essex also expected to grow significantly.

The report states: “The surrounding area is currently undergoing regeneration to create a mixed-use development alongside the River Colne, with plans for 100,000 sq ft of commercial space, 2,000 new homes and improved transport links.

“The University of Essex is also planning to double in size by 2019 and as such there has been significant investment into student accommodation.

“Given the subject property’s strong location in close proximity to Hythe Station, large site area and surrounding development, it could suit longer term redevelopment.”

Earlier this month Sainsbury’s announced its plans to open its new 73,000sq ft store in Hythe, the firm’s second in Colchester, were delayed.

Although the supermarket chain will still take over the lease the B&Q store is set to stay put at its Hythe home for another two years.

READ MORE: B&Q could stay put for two more years ahead of Sainsbury's takeover

This is because work on the DIY store’s new premises at the Stane Retail Park, Stanway, has been slower than expected getting started.

Earlier this month a spokesman for B&Q told the Gazette: “The lease extension means that it is much more likely that we’ll be able to provide our customers with continual access to B&Q in Colchester while our new store in Stane Park is under development.”

B&Q will be part of the second stage of the Stane Park development featuring Marks and Spencer, Aldi and the DIY store, as well as three cafés and a restaurant.