Wed, 20 Mar 2013 | COMMERCIAL PROPERTY
Great Yarmouth Borough Council has sold off some of its unwanted buildings for just £1 in order to cut its costs.
Trafalgar House and the Old Fire Station were both sold following a round of redundancies. Saffron Housing Trust snapped up the offer and is due to turn the properties into affordable homes.
The price tag on the commercial property is clearly very low but it would have cost the council around £130,000 if it wanted to mothball the properties, due to security and business rates, so a quick sale was the best option and it had to be at a low price given that interest was not particularly high in the buildings.
Leader of the Labour-run council, Trevor Wainwright, told the BBC more about the sale: "Because we didn't have any interest and because of the cost, then obviously we went to the housing association to see if they were interested and they came back with a positive interest."
The properties are due to be converted in to 29 flats, along with two one-bedroom houses. Work is set to kick off this summer.
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