Wed, 25 Jul 2012 | DIVISION SALE
Hull City Council, which has the biggest portfolio of property and land in the city, aims to generate £2 million over the next four years by selling off assets.
At present the council is at risk of amassing a deficit of £24.8 million by 2014-15 on its financial projects.
There are plans in place to mark several former social services offices in converted Victoria villas near Pearson Park as no longer needed.
This is, Hull and East Riding reported, so that a number of councillors would support disposing of sites for redevelopment. Some of the cash raised could be put into a local trust, which assists in managing the park.
Councillor John Abbott said, “Asset disposal is a difficult issue because does the council wait for the market to pick up or does it accept that it might not pick up in the short-term? As such, do we just accept that whatever we might raise now from a disposal is probably the best we are going to get for some time?”
Earlier this month plans to build a 22-storey hotel and conference centre in Hull were approved by the council. Sitting alongside heritage buildings, the hotel would “contribute to the regeneration of the area,” a council report stated, as quoted by the BBC.
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