The Melton Mowbray town centre site on King Street has full planning for 18 apartments and 3 houses.
The college is disposing of part of its Spinney Campus, a site of 8.5 acres which has planning for 70 houses together with a café and commercial floor space.
Mark Bendle, acting principal, said: "The College has spent 3 years carefully securing planning approval for both these sites, we are delighted that these sites are now in the market and that the disposal process has begun.
"Receipts generated from the sale of these 2 redundant assets will allow us to improve our cultural and community offer at our Asfordby Road Campus in Melton, plus it will allow the College to enhance the quality of its educational provision and heritage building at the Brooksby Hall Campus.
Russell Rigby, managing director of marketing agent Rigby & Co, added: "We were thrilled to have been selected by Brooksby Melton following their recent procurement process. Having provided consultancy support to the college since 2010, we are excited at the task now at hand to dispose of 2 surplus assets which will provide valuable capital funding back into the College. Both these sites will be seen in the market as very attractive and we expect high interest from both affordable and registered providers and mainstream house builders."