After the collapse of negotiations with the consortium earmarked to buy the Grade II listed seafront office building, Kings House will be re-marketed in April.
Citing “a number of unresolvable issues” the local authority has walked away from the deal with a consortium of nine developers with cross party support from the Conservatives and the Greens.
It is anticipated that the council will be obliged to compromise on the price tag or lower their demands on the scope of the housing scheme they had demanded for the redevelopment of the site.
The 9,290 sq metre building was vacated last October as part of a cost-cutting exercise involving a wholesale relocation of staff into Hove Town Hall and funds from the sale are needed to cover the £11 million cost of refurbishing and expanding the town hall.
The selected consortium had bid well in excess of the £14 million asking price with a figure above £20 million anticipated from the eventual sale.
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Brighton & Hove City Council