Islington Council has today/yesterday (Monday) announced millions of pounds raised to support the regeneration of council housing in the borough. <br><br>This investment in services for residents is possible thanks to the regular sale of some of the council's surplus property, which is not needed to provide council services and would be too expensive to repair. <br><br>Over £3.5million pounds were raised by the auction of six such properties -- exceeding expectations by more than half a million pounds. <br><br>The council sold the freeholds of these properties, and the sale of the properties does not directly affect any of the existing businesses in them, as they are protected by their existing tenancy arrangements. All of the properties sold were either occupied by businesses, or vacant residential properties that would cost too much to repair. <br><br>They were sold at auction in order to In order to achieve the best prices for reinvestment in local public services. None of the properties sold were community assets. <br><br>The proceeds from the sale will fund major projects such as the regeneration of housing estates in the borough. <br><br>Under the Local Government Act 1972, the council is legally obliged to obtain the best price it can for properties it sells, so as to ensure the maximum resources to support council services such as housing, education, and regeneration. <br><br>All suitable sale options are considered, such as sale by tender or by auction. Offers from existing occupiers are considered as appropriate if they can demonstrate that they have the finances to support their proposals.<br><br>In this case, auctioning the properties offered the best opportunity, and £3.67 million pounds was secured as a result for reinvestment -- almost half a million pounds more than the original guide prices, so the transactions represent excellent value for money for Islington residents. <br><br>A spokesman for Islington Council said: "Hanging on to buildings that are not used to provide a public service, and that are too expensive to do up is a complete waste of public money. We auction such properties on a regular basis, so that we can reinvest as much as possible into supporting high quality, local services for those who most need them."
Page Last Updated: 17 December 2009