Lincolnshire County Council has admitted the proposed sale of the former Horncastle College site has fallen through.
The News understands a company from the Spilsby area had expressed an interest in buying the Fortuna Business Centre which is located off Mareham Road.
However, the County Council says a deal fell through at the end of 2015 but is confident another buyer will come forward.
Kevin Kendall, Chief Property Officer at the council, said: “We were first looking to sell the site in 2014 and had been in discussions with a potential purchaser last year.
“That purchaser decided not to go ahead with that at the end of last year and we are looking at re-marketing the site very soon.
“We are expecting fresh interest in the site, which offers great investment opportunities.”
The council has not revealed any details of the proposed sale - or the asking price.
Several companies formerly based at the site have already re-located to other premises because of on-going doubts about the centre.