Disability charity Action on Hearing Loss plans to sell its state-of-the-art headquarters in Highbury, north London, for about £9m, three and a half years after buying the property for £6.6m.
The charity bought its current headquarters for £6.6m in 2015 and spent £1.5m refurbishing it before moving in in May 2017.
Much of the refurbishment involved utilising state-of-the-art acoustic technology to make the property accessible to people who are deaf or have hearing loss.
Action on Hearing Loss has now put the property up for sale as part of a plan to pay off debts and rebuilt its free reserves, which are down to just over £1m, compared to the charity’s £6m target.
While the charity is moving some back office operations to one of its other offices in Peterborough, it is looking to rent another property in central London.
Speaking to Civil Society News, the chief executive Mark Atkinson said the charity is looking for a property that is similarly accessible for people with hearing loss.
He said: “The Highbury building is being marketed for £9m – a higher value than we bought it for. It’s very early days and we won’t know how much added value we’ll have earned until we receive offers and can confirm what, if any, capital gain there has been.
“We are still in the early stages of looking for new space to rent in central London and an accessible acoustic environment is one of our main priorities during our search. This search has only just begun, in line the decision to market the Highbury building.”
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