A planning application has now been lodged with Coventry City Council.
Should the deal be finalised and application approved, the 0.34-acre site would be turned into two self-contained supported living apartment buildings with additional ancillary staff accommodation.
Chris Hobday, Associate at Holt Commercial, said: “We believed there was potential for development of this site as soon as it came to market and that view is shared by the potential buyer.
“Our marketing campaign yielded considerable interest with much of it being from parties with similar residential schemes in mind. We are pleased to have now exchanged on the sale on a subject to planning basis. If successful, this will see this disused site providing much-needed supported living accommodation for the area.
“It will be positive news for the local area to see this development go ahead as the building has fallen into disrepair and which unfortunately means it is no longer fit for purpose”