The charity will be selling its former premises, known as 4 & 6 Clemens Street, after attempts to market and relaunch the offices failed to attract new tenants.

The number of voluntary groups renting desks at the former Regenesis headquarters had fallen from nine to around five, making it impossible for the group to pay for the upkeep of the listed building.

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Regenesis Two chairman Pauline Haynes said: "This is not bad news, it is business-like decision making.

"At the end of the day there have not been enough tenants to replace the ones we have lost and we have drawn a line."

Regenesis bought the listed building for in 2002. When the group's funding ended in 2006 it arranged for its former premises to be rented out as office space not-for-profit groups.

Mrs Haynes stressed that at the time it was launched, the idea of renting the desks to charities and voluntary organisations was a viable one, but the building had been making losses since April 2007.

After tenants began to move out Regenesis Two embarked on unsuccessful attempts to relaunch and market the premises.

This failed and the group has decided to sell the building. Regenesis members and tenants were informed last week.

Mrs Haynes predicted a "lengthy" sale and said existing tenants would be able to stay on for as long as was possible.

She declined to comment on how much the building had cost in 2002, and said she did not know how much it would fetch now.

Mrs Haynes emphasised the charity would continue, as would the Healthy Living Centre in Shrubland Street, and that any money generated by the sale of the building would be spent on helping the Old Town community.

She added: "This is about being sensible and business-like.

"The business started off well but unfortunately the tenants aren't there and we have to address those issues.

"It is in nobody's interests for there to be empty premises in Leamington, let alone in Old Town."