TWO buildings at the heart of Pontypool are set to be disposed of and sold to a registered social landlord (RSL) to create 10 new affordable housing units.

Trosnant House and the Brass Band Building were sold to an unnamed RSL for under their market value, which were estimated to be £70,000 and £44,000 respectively.

However, Torfaen cabinet approved the sale for £60,000 and £25,000, with the developments forming part of the Vibrant and Viable Places (VVP) scheme.

“When you take into account the income from those buildings once they are used for affordable housing, there’s a deficit between the end value, for Trosnant House at least,” said Duncan Smith, chief officer for neighbourhood services.

“There’s a deficit in terms of the money you put in of around £300,000 and in terms of the Brass Band Building on the same calculation, there’s a deficit of around £239,000.”

Four years ago, the council responded to a call for projects from Welsh Government under the VVP and were successful in securing funding worth over £8 million to invest in a series of projects.

The development, which will see six housing units at Trosnant House and four at the Brass Band Building built, is part of the Pontypool Investment Fund and a £1.5million partnership between the council and two RSLs in Torfaen.

“The RSL contribution must exceed the completed value of the properties. The completed values are £250,000 and £200,000 which is £450,000. The input from the RSL is £481,000 and I will just add to this that these buildings would not come forward if it were not for VVP funding,” said Mr Smith.

“Dropping the value here is helpful for the scheme in bringing these back into some form of use.”

Cllr Lewis Jones, the executive member for regeneration, welcomed the decision, stating that both building had been vacant a number of years.

“It pains to see properties being left idle when there is so many people are on the housing waiting list,” he said.

“I am certainly glad that we have a realistic proposal here and it is going to affect favourably the housing waiting list.”

Cllr Anthony Hunt added: “The Realpolitik of it is that either we do something with these buildings to help create some affordable housing and to regenerate an area that needs regeneration.

“Or the buildings go to ruin and become an eyesore and become a magnet for anti-social behaviour.”

As part of the proposal, the Pontypool Brass Band were offered an alternative location to practice, at the St John’s Community Centre in Wainfelin.

The decision was discussed the Torfaen cabinet meeting on Tuesday, with all members agreeing to the proposal.