Council's holiday let sell off after failing to make enough money
- Credit: NNDC
A five-bed holiday let owned by a Norfolk council will be sold after it failed to make enough money.
North Norfolk District Council (NNDC) Cabinet met on Monday afternoon to discuss selling off Fair Meadow House on Wolterton Road, Itteringham.
NNDC bought the Grade II-listed, three-storey Fair Meadow House and adjoining community shop in 2017.
The purchase was to safeguard the shop which has served the Itteringham community since 1637 - and the next-door Post Office.
Eric Seward, cabinet member for finance and assets, said: "The reality is that the property has not created the level of income and financial return that was envisaged.
"Therefore it is for that reason it has led to the proposal that we should dispose of this property.
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"In terms of the community shop, that is part of the property the council is retaining in our ownership, therefore we hope that will provide some reassurance to the trust that runs the shop."
Mr Seward said despite selling the building at a reduced price of up to 10pc, the council would still "come out on the right side" of costs incurred on the property.
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The council is expected to list the property with an asking price of £699,950.
Councillor Richard Kershaw, cabinet member for sustainable growth, said selling the holiday let was the right move.
"We are not a holiday letting company and I think we have given it time, it has not made a return and it is not an asset, it's a liability," he said.
NNDC leader, councillor Sarah Butikoffer, said members had been sceptical about getting into the holiday market when the building was purchased.
"I'm pleased that a solution has been found that is right for everyone in North Norfolk."
Cabinet members spent less than five minutes discussing the proposal before unanimously approving the sell-off.