Hostels sell off raises regeneration cash

Tue 28 February 2012, 3:39 pm

Enfield Council has raised almost 6 million for housing regeneration by selling four unused hostels.

The council made £5,739,000 from the sale of the properties, which would have all required significant refurbishment and high maintenance costs.

Andrew Stafford, cabinet member for property said “It is good news that we have sold these properties and exceeded expectations regarding sale values.

“The money raised will now be invested into regeneration and refurbishment projects in the rest of the council's housing stock.

“Enfield Council is determined to improve the quality of council housing in the borough, and this money will go a long way towards achieving that”.

All tenants who were resident in the properties had been moved out before the sale.