ONE of the borough's most recognised buildings will be sold after a feasibility report warned against implementing a "risky" plan that would keep it in civic ownership.
Asset chairman Chris Hossack, who has rejected plans to invest more than £1 million into transforming Old House into seven luxury flats, has also said that English Heritage does not favour the plan.
Councillor Russell Quirk, who commissioned the report, has insisted it makes better commercial sense to invest some of the money expected from the sale of other council land so the 7,000 sq ft building can be retained by the council and leased out later.
Courts and Co estate agents, which was instructed by Brentwood Borough Council to provide a business case, has advised a cautious approach to the plans, which it estimates would bring in around £90,000 each year in rent.
The company has warned the council of "considerable risk" in managing renovation works and letting out properties itself.
It questions the ability of the council to make a profit.
Councillor Hossack said: "The subsequent report suggests that this would be a high-risk move, given that the £1 million suggested as an investment figure could well be much higher, as is often the case once investigations start into the restoration works requirement with such historic buildings.
"Furthermore, the payback in terms of rental must allow for periodical refitting, vacancy, management fees, insurance etc.
"In short, the Courts report indicates a considerable risk in the council retaining, refitting and letting this building for residential use.
"Equally, early signs are that English Heritage appear not to favour this option. The rate of return on such an investment does not sufficiently outweigh the risks involved. This in mind, we have taken the decision to sell.
"I would add that as asset chairman I take the view that we have to choose wisely which assets we select to invest in, in order to generate a revenue return.
"A Grade II listed building such as this is fraught with pitfalls and risks as a development project and the council cannot afford to risk taxpayers' money when professional advice suggests that the return on investment is questionable."
Mr Hossack added: "A year ago we took the decision to sell this building. Councillor Quirk intervened to investigate a valid alternative by commissioning this report at a cost of about £10,000, he must now accept the verdict of the report, which he commissioned, rather than question the expertise of the report writer as he did at the asset panel last week.
"Presently the building on Wilson's Corner is an empty shell that needs urgent investment. I am sure we can find an owner for this building that will bring it up to a standard that will truly make it a great architectural piece in our town centre.
"I am really excited about the future for this building and I look forward to seeing it returned to its former glory."
However, a petition has been drawn up to fight the decision to sell off the 500-year-old Grade II listed building.
'There is no reason to sell this important piece of Brentwood's history to developers," said former asset panel vice-chairman Cllr Phil Baker.
The former Conservative member for Shenfield now represents the ward as a councillor with the Brentwood First group, which officially launched on Friday.
He said: "The plan that we devised is a viable one, especially given that we own the building and will add value to it if we were to spend money on its refurbishment.
"The council's Conservative hierarchy seem hell bent on banking the cash from a sale rather than thinking about Brentwood first."
Fellow Brentwood First member Russell Quirk said: "This is just like the proposed town hall sell-off that the Conservatives tried to force through against residents' wishes in 2011.
"There is not an entrepreneurial bone amongst the ruling group and this lack of innovative approach to our assets will ensure that the town suffers from it, I'm afraid."
