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CITY HALL FACES £50M BLACKHOLE

Shortfall on Dolphin Square sale batters council’s finances
CITY Hall is facing a massive cash hole as a landmark block of flats is set to be sold for tens of millions of pounds less then expected.
It is understood that as much as £50 million could have been knocked off the price of the Dolphin Square block following protracted negotiations between Westminster Council and Westbook, the American pension fund.
Contracts were exchanged between the council and the company this week but some details still need to be sorted out.
But the council hopes that the figure would have been in the region of £220 million have proved to be too high.
Andrew Probert, from the Save Our Square group (SOS) which has campaigned to stop the sale, said they had warned the council the initial figure of £200 million was too big.
Now the council is to get just £150 million, £80 million to go on a housing charity, £15 million on a new Dolphin Square Company and £55 million into the council’s coffers. A council source insisted that just a fraction of the reduced figure related to a reduction in the value of the property and instead tens of millions of pounds had been put aside in case of possible legal action.
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