The Community offer for the Duke of York has been rejected by the developer.
The offer made was £235,000. This was felt to be fair value given the professional valuation we obtained of £225,000 and the fact that the building has had no maintenance and has been allowed to deteriorate since the developer bought it in June 2018 for £250,000.
Yesterday we informed councillors and executive at RVBC that our community group had made an offer and the rationale for our offer given the restricted use, valuation and condition of the building. We have now advised them that the community group offer to purchase the Duke of York and operate it as a pub and café for the benefit of the community has been rejected.
The steering team will continue to work to convince the owner of the value of our offer.