The former Wanstead police station has been put up for sale less than a week after it closed its doors to the public.

Earlier this month, Redbridge borough commander Sue Williams told the Guardian that it was likely the building, in Spratt Hall Road, would be sold off by the Metropolitan Police.

Now, with the Met needing to save £500m by 2015, the building has been put up for sale and is inviting bids on the UK's largest property website, Rightmove.

Melita McSweeney, 60, of New Wanstead, said: "We wanted to keep the station there, it was a great comfort as there are lots of older people in the area. It's a shame and a shock that the station is up for sale."

Residents had previously campaigned against the closure of the station, claiming it would reduce public access to officers and increase the time it took for the police to arrive at incidents.

Wanstead now has a police ‘contact point’ at Wanstead House community centre in The Green, which is staffed for just three hours a week by one police officer or community support officer.

Richard Bon, 36, of Dangan Road, Wanstead said: "It's a bit of a shame. We're a community, we're called Wanstead Village. I prefer it as a station but if developed, the reality is, it could be flats.

"It's nice to have a local station, and no disrespect to Ilford or Barkingside police stations but they have other priorities."

The “development opportunity” as advertsied on the Rightmove website, is being sold by the Met through property consultancy firm Knight Frank.

The consultancy’s online private advertisement hints that the former police station could be redeveloped.

“The property comprises a red brick building arranged over ground, first and second floors with a car park to the rear and outbuildings. The site has a range of possible alternative uses and development, subject to the necessary consents.”

All bids submitted are subject to contract and approval of the Mayor’s Office for Policing and Crime and must be received by 12 noon on Friday October 25.