A group of Hampstead residents have been working to turn a block of decommissioned council flats into affordable housing.
The NW3 Community Land Trust were advised that their bid to develop the property, which had once been sheltered accomodation for elderly people, had been unsuccessful.
Camden council put Wells Court up for sale, advertising it as a “unique residential conversion opportunity in the heart of Hampstead Village”.
A Camden council spokesperson said:
“The sale of Wells Court follows the Cabinet decision last year to decommission the building which is inaccessible and unable to support older people to live independently in safe and good quality accommodation. Even with substantial investment it cannot be brought up to a suitable standard. The decision was taken in consultation with residents and proceeds from the sale will be reinvested into better accommodation for older people.
“The council has to raise funds from the sale of such properties because only six percent of our investment for buildings come from the Government these days - which means we have to self-finance new buildings. We are sympathetic to Community Land Trusts but the numbers need to stack up.
“We can confirm we have received several bids on this property.”
However NW3 CLT are continuing to work to secure affordable housing for those living in the area.