The multimillion pound sale of King’s House has collapsed because of “unresolvable issues” and will be put back on the market next month.
A consortium of nine unnamed property developers had reportedly bid in excess of £20 million for the prominent seafront office block in Grand Avenue, Hove, which has been home to Brighton and Hove City Council.
The consortium had planned to turn the building into flats but those plans have now been abandoned. Meanwhile, council staff have now moved to Hove Town Hall.
“Because of a number of unresolvable issues with the prospective purchaser and with strong approaches from other parties, all three group leaders on Brighton and Hove City Council have decided not to proceed with the current offer on the table for the sale of King’s House.
“Cushman and Wakefield, the council’s property agent, has been instructed to remarket the property which will start in mid-April.
“The new marketing exercise will allow the sale to be quickly pushed forward bringing the building back into use and generating capital that can be used to fund vital council services.
“The delay in the sale will not affect the council’s capital investment plans for 2017-18. We’re not able to confirm any financial implications. But any would be reported to councillors and made public.”