The Franciscan friars were settled in Grantham before November 27, 1290, when Pope Nicholas IV granted them an indulgence.
The friary was situated on the west side of the Market Place and the site later became known as the Grange. In 1300 there were about 20 resident friars.
After the Reformation and the Dissolution of the Monasteries, the Bishop of Dover received the surrender of the Greyfriars house in February 1539, and reported that the friars were so poor that the king would receive nothing but the lead, bells, and a chalice.
In 1541, the friary and its lands were granted to Robert Butcher and David Vincent, one of the royal pages, at a rent of 7s 9d. The grant included the church, belfry, cemetery and aqueduct, a garden of one acre, a small close called Paradise, a close of 5 acres and a number of other gardens, ‘kilnhouse, maltoflores’, stables, and other tenements. Some of them were already let to tenants. In 1542 Butcher and Vincent sold the site to Austin Porter of Belton.
The site is now occupied by flats.