Mansfield's Victoria Court to be repurchased by council
A district council plans to buy back flats it sold eight years ago for less than a quarter of the price it received for them.
Mansfield District Council sold the ten blocks and an area of land on Victoria Court to developers for £1m in 2004.
The firm had partially completed refurbishing the flats before going into administration.
Now the authority plans to pay about £240,000 to buy the flats back and demolish them.
The original deal included a condition allowing the council to repurchase the flats if developers had failed to substantially complete the refurbishment.
Mick Colley, the council's housing portfolio holder, said the plan would remove an eyesore and create a more welcoming environment near the train station.
The council hopes to complete the purchase in early 2013 before demolishing the flats and drawing up redevelopment plans later in the year.