A plan to sell off Thatcham’s heavily-mortgaged Priory building has been criticised by opposition councillors.

The Priory, in Church Lane, was bought in 2009 for £400,000 by the town council, which then borrowed a further £740,000 for renovations in 2015.

The value of the Grade II listed building has been estimated at between £540,000 and £825,000, depending on permission for use.

Tory councillor Roger Croft said the sale would reduce the council’s debt.

‘Financial drain’

Opposition Liberal Democrat councillor Lee Dillon said selling the building would deprive the town of a community hub, which could have housed local police and community groups.

He said the plan had been to use the Priory as council office space, allowing the current council building to be rented as offices to generate an income stream.

The Priory was bought and the renovation planned when the Liberal Democrats controlled Thatcham Town Council.

The town council now has a Conservative majority.

Mr Croft said the building was a “huge financial drain” on the council, as the mortgage costs £80,000 per year.

The building is still being renovated, having gone £100,000 over budget, and is due to be finished in January.

Thatcham Town Council will vote on whether to put The Priory on the market on 28 September.