The sale of Harpenden Public Halls has been agreed 18 months after St Albans City & District Council scrapped plans to redevelop the site.
Plans were first agreed in 2019 for the council to knock down the former performance centre and replace it with 29 new homes and commercial floorspace.
But in January last year, the council’s regeneration and business committee voted to stop the plan in its tracks and sell the land at a market rate instead.
Now council leader Cllr Paul de Kort has confirmed that a sale has been agreed, subject to contract.
He told the council’s strategy and resources meeting on Thursday (26 September): “The usual pre-sale enquiries and surveys have been dealt with over the summer and legal contracts have been drawn up.
“These are now with solicitors to finalise. The intention is to exchange contracts shortly, and complete the sale before Christmas.”
The council had hoped the original redevelopment project would generate a return of at least £5.5m, and spent £721,000 developing the project between 2019 and 2022.
When the council decided to stop the project, Cllr Robert Donald said “unprecedented” inflation to building costs and increased borrowing rates had “affected what is now the likely amount we will actually net”.
But, other councillors suggested the project was the victim of “overoptimism” and that “external parties” were needed to provide a “reality check” on the council’s ambitions.
The development would have included 19 homes at market rates and 10 homes at rents deemed affordable, according to the government definition of the term.
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