The sale of the Old Gaol in Abingdon has been revealed to be finally valued at £3.2million, a deal which offers good value for the district’s residents and guaranteed that the development would go ahead despite the collapse of the property market. In December 2007, following a competitive and much publicised tendering process, the Vale Council agreed to sell the site of the former leisure centre to local property developers Cranbourne. Despite the recession, which hit just months after the sale had been agreed, the scheme went ahead with 43 new apartments being built on the prime location next to the River Thames, together with 18 apartments being converted from existing buildings, while the addition of three restaurants, a garden and courtyard will further open the site up to the general public when the development is complete. The Vale has received a £2million capital receipt along with a £1.2million share from the sale of the apartments. The £3.2million the Vale Council has received is far in excess of the amount on offer from the other developers involved in the tender process. Cranbourne’s scheme also offered the greatest level of access to the site for the general public. The deal originally agreed in 2007 had, at that time, been made when the property market was booming and was then worth £6.3million. After the recession hit, the scheme would not have gone ahead had the deal not been restructured on several occasions to take account of the economic conditions. The original deal in 2007 also required the provision of some affordable homes. Cranbourne provided ten units in Abingdon; however, with ongoing changes to the Vale’s affordable housing policy, the Vale Council requested a commuted sum in lieu of the additional affordable housing and therefore Cranbourne paid an additional £1million, rather than provide the remaining affordable units. The phased payments of this sum are being ring-fenced for meeting local housing need. Cllr Matthew Barber, Leader of Vale of White Horse District Council, said: “As time passes we are less restricted by commercial confidentiality concerns, so it’s good that we can release this information. £3.2million is a good deal for the people of Abingdon and the wider Vale. “We managed to secure the redevelopment of this key historic riverside site and, at a time when the recession caused housebuilding to stagnate, Cranbourne was able to continue the building work. We are on track to have 61 new homes, and once the new restaurant quarter, public garden and courtyard are open the area will again become a real focus for the local community.”