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£2.7 million property portfolio sold for £3 by a council Latest Articles

money dropped in Piggy bank,

£3 portfolio sale called into question

The sale of a £2.7 million property portfolio for just £3 by a council to a property development company is under investigation.

Blackpool Council leader Simon Blackburn has pledged to go public with the results of an independent scrutiny of the deal.

The council put the portfolio together by buying up failing hotels and bed-and-breakfasts in the seaside town with plans to refurbish them as social housing.

The plan fell through when the costs of renovating each property were put at an average £130,000 which was money the council does not have. Continue reading £2.7 million property portfolio sold for £3 by a council


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