Middlesbrough Council accused of selling asset 'well below' market value

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Vancouver House in Middlesbrough was sold in 2019 for £822,000 and is now on the market for £2.6m.

A council has been accused of selling a building "well below market value" after new owners put it back on sale at three times its 2019 price.

Independent councillor Joan McTigue said it was an example "of assets being sold for peanuts" by the council.Councillors discussed what should happen to Vancouver House in 2017. The document said "no council operational requirement" for the building had been identified and a sale would "generate capital receipts and bring the building and land into a far more beneficial use in the future".

 

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