Hornsey Town Hall sold for just £.3.5 million, while developers pocket huge £22 million profit

Ham&High reports

Figures meant to be kept secret have revealed that the developers of Hornsey Town Hall stand to make an eye-watering £22.6 million profit from its £3.5 million purchase.

Members of the Crouch End community had opposed the sale hoping to see the former council headquarters turned into an arts venue.

But in July FEC applied for planning permission to restore the space and include a hotel, arts centre and 146 flats on the site.

In a economic viability study into the scheme, as part of the planning application, estimated profits were calculated. The public viewed the final plans ahead of the planning application being submitted by developer Far East Consortium at the end of July. Although originally blacked out, the figures have now been revealed and forecast FEC making a £22,600,634 profit out of the deal.

The report, from ULL forecasts, say the value of the new seven-storey block, with 146 residential properties, would be £94,240,800 with 40 parking spaces adding £800,000.

From this, £300,000 would be earmarked to compensate surrounding properties for any resulting loss of light.

The report says that affordable housing would not be viable on the site.

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