Brighton and Hove City Council has sold its former seafront headquarters for more than £26 million, it was announced this afternoon (Thursday 20 July).
King’s House, in Kingsway, is expected to be turned into housing once planning permission has been given.
Council leader Warren Morgan told a meeting of the full council at Hove Town Hall: “I am pleased to announce that contracts have been exchanged to sell the freehold of King’s House for £26,125,000.
“As members will be aware, the grade II listed building located on Hove seafront was formerly occupied by the council but as part of the rationalisation of the council’s offices was vacated in October 2016, with staff relocated to Hove Town Hall and Bartholomew House, Brighton.
“The disposal will deliver a significant capital receipt for the council.
“Selling King’s House will save us £2 million a year in operating costs, with money already invested in better customer services for residents both online and in Hove Town Hall.
“The disposal was agreed following an extensive marketing campaign undertaken by Cushman and Wakefield.
“This generated interest from over 500 parties and approaching 40 offers when bids were called for in May 2017.
“The marketing confirmed there was no interest from office users but strong demand from residential developers seeing the potential of this landmark building to deliver a high-quality housing development.
“The disposal is the first stage in the building being brought back into beneficial use.
“The purchaser, Mortar Nova Grand Avenue, is a joint venture development vehicle between local developer Rego Property and London-based Pacific Investments, their intention being to bring forward a planning application for residential conversion and development over the coming months.
“This is more good news for the council’s finances and demonstrates that we were right to make the decision to withdraw from the previous sale agreement that we as an administration inherited.
“We have sold this asset for more than anticipated. As a result we will have more money to invest.
“The money is going to be in the council’s bank account sooner than expected, meaning any uncertainty is now concluded.
“We have delivered a better deal for the taxpayer and, as a result, a greater investment in council services.
“I’m sure all members will want to thank officers for their work on this and applaud this success for the council and the city.”
It will be interesting to find out how much “Affordable Housing” will be included in the Sales Contract.Hopefully the Buyers have done their sums and will not have to come back with the excuse it is unviable.
i wouldn’t worry , people who can’t afford to buy there can always go and live in the stunningly attractive place known as bognor regis or as most people who have to work there know it “the cesspool”
Affordable housing is just a tax on the other buyers in the block. £20k off the purchase price has to be paid by someone else.
Not sure how a company with two Irish directors/shareholders with correspondence address in London is a “local developer”.
The developers will do what they do in London with the blessing of the Mayor.Donate a percentage of the profits from the sale of the flats to the Council.Another nice windfall for the Council.With that money they should think about building a new Council Estate say near Brighton Racecourse or demolish Brighton General hospital or near Holingbury or expanding Whitehawk and changing Whitehawks name to something more pleasant sounding.for example ‘Prince Regent Estate”Moulscombe should also change its name.
I agree with jonny whitehead,
That the name of moulscoomb
Should be christened with a nicer name.
I have lived here years and the
Name is really unattractive.
The council have put up a sign in barcome rd saying moulescomb is the garden estate.
The name doesn’t portray an attractive place to live.
Di – your post picks up the biggest confusion for me with the name of Moulsecoomb – how to spell it. I never remember if the e is in the middle or on the end.
Personally I am proud of the name. People are more genuine in Moulsecoomb\Whitehawk. Wouldn’t want some daft name change to be trendy.
At the meeting yesterday I picked up on this and remarked that the deal, of which cllr Morgan is so proud, means that there is ample funding for Hove’s Carnegie Library capital investment.
http://www.facebook.com/savehovelibrary
You must have an idea of how much the Councils Property Portfolio is worth and it must have increased in value since 2015.It must be at least £3b.Cash poor Asset rich