Council sells entire market square for just £1 in Milton Keynes

MK Council has transferred the ownership of shops, flats and open space that form the heart of Wolverton to the local town council.

And they have asked for the 'notional sum' of just £1 for the freehold interest.

The handover will enable Wolverton and Greenleys Town Council (WGTC) to provide improved leisure and community activities in The Square.

Also included in the transfer is access to the historic war memorial.

For some years, WGTC has managed The Square’s landscaping, and every year it erects a Christmas tree for ther townspeople to enjoy.

It wants ownership to “further develop the community of historic Wolverton” and to “enhance the social, economic and environmental well-being of the area”.

MKC can transfer the land for £1 under powers that recognise the local benefit of a disposal, up to £2 million.

“The freehold transfer of the town square to the parish council will take place at the notional value of £1,” a council document states.

It adds: “The council is able to transfer the land at less than best value through the use of well-being powers contained in the General Disposal Consent 2003, which allows for such a disposal where it benefits the economic, social or environmental well-being where the undervalue is up to a maximum of £2 million.”

The Square is in the centre of the conservation area of Victorian Wolverton and has been the focal point for many local events.

The transfer of ownership will mean the costs of any future works to the square and its on-going maintenance will be the responsibility of the town council.