Historic town centre flats worth £640,000 sold for just £1

dailyrecord.co.uk:

A row of stunning flats worth £640,000 have been sold for just £1. The historic, Grade II listed building in Looe town centre has been moved on for the nominal fee in a bid to ensure affordable housing in the area.Cornwall Council agreed to release the 11 Coastguard Flats after a recommendation yesterday as the maintenance of the building is too costly for the local authority, Cornwall Live reports.An appraisal carried out by Cornwall Housing in 2021 concluded that refurbishing the properties on North Road would be financially unviable for the council and they were declared surplus to the authority's needs.

Three Seas Community Land Trust, with backing from town councillors Edwina Hannaford and Armand Toms, have stepped in and picked up the apartments, which were originally four houses.

The charity will now fully refurbish the properties. The development is expected to cost around £1million, which Three Seas will cover using grant funding.Cornwall Council's deputy leader Cllr David Harris said: "This will retain much-needed affordable housing provision in Looe.

Coastguard Flats is a substantial Grade II listed building. "It is highly likely that an open market sale would result in the loss of affordable housing provision in Looe and have a negative impact on the housing service by increasing the demand for temporary accommodation."A community-led redevelopment scheme would ensure the flats would still be used for affordable housing provision.