Far East Consortium (FEC) sold Hornsey Town Hall to the AMTD Group for £47 million, marking a significant profit since acquiring it from Haringey Council for £3.5 million in 2016. Council officials have faced backlash for the initial sale, especially given the assessed worth of the building had increased significantly. The council was criticized for not engaging with the community during the process and for failing to deliver promised community spaces as part of the development, leading to allegations of mismanagement and lack of transparency in handling public assets.
The confirmed figures for this sale are a huge embarrassment for Haringey Council... sold off this iconic building... for a paltry 3.5 million less than 10 years ago.
FEC's 2017 viability study indicated the town hall alone would be worth 27 million upon completion... has now sold the building for 47 million without having completed any community spaces.
Cllr Cawley-Harrison said the sale took place without any engagement with the local community... FEC has cashed in mightily on what was a prized public asset.
Labour councillors promoted it as a great deal at the time... Lib Dem opposition... and local residents fought it knowing the opposite was true.
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