Police investigate after £4.6m college sold for £1
Summary
Police are investigating a case where a college building valued at £4.6 million in Peterborough, UK, was sold for £1. Concerns have been raised about the legality of the transaction, with reports stating there was no proper lease agreement. Three people have been arrested on suspicion of public office misconduct.Key Facts
- The college sold is the John Mansfield Centre in Peterborough, used for adult education.
- Peterborough City Council sold the college to a charity called City College Peterborough Foundation (CCPF) in 2020 for £1.
- The council paid nearly £800,000 in rent to CCPF, without any written lease agreement.
- The police have arrested three people on suspicion of misconduct in a public office.
- A cabinet report highlighted flaws in the decision to transfer the college.
- Normally, councils can sell property below value without higher approval if under £2 million; the college was valued at £4.6 million.
- The council now needs to negotiate with CCPF due to legal uncertainties about the property's occupancy.
- The report recommends further exploring legal options for the property's sale.
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