Police are investigating the sale of a college building in Peterborough, which was sold for £1 despite its estimated value of £4.6 million. The property, previously used by City College, has raised concerns among Peterborough City Council officers regarding the legitimacy of the transaction.
The sale, which took place earlier this year, has prompted questions about the decision-making process and the circumstances surrounding the undervalued price. Council officials are particularly interested in understanding how the sale was approved and whether proper procedures were followed.
Local authorities have stated that they are committed to ensuring transparency and accountability in public asset transactions. The police investigation aims to determine if any laws were violated during the sale process.
In response to the situation, a spokesperson for the council emphasized the importance of safeguarding public assets and maintaining the integrity of local governance. The college building has been a significant part of the community, and its sale has sparked discussions about the future of educational facilities in the area.
As the investigation unfolds, further details are expected to emerge regarding the sale and its implications for the local community and educational landscape.
