A PLAN to sell if a historic town hall to an Asian company are a “shameful hand-over of the family silver”.

Hornsey Town Hall, a Grade II listed building, has been sold-off to the Far East Consortium for £27million by Haringey Council.

The group says it will replace the ageing building so it is removed from the Heritage At Risk register, create a boutique hotel with two restaurants and build 120 new homes.

Only four of these will be “affordable”.

Campaigner Gina Harkell said: “The town hall is off to join other grand historic buildings in the Cayman Islands owned by the top one per cent.

“It is a shameful hand-over of the family silver, and against the wishes of thousands of local people.

“Value of flats estimated at £100m and value of arts centre and boutique hotel together costing the developer £27m, with the hotel providing ongoing profit. “This represents a very poor deal for local council tax payers in return for no social housing and only 4 so-called affordable flats.

“At a time when low cost housing is so desperately needed, this decision is financially inexplicable and incomprehensible. Alarm bells seem to be falling on deaf ears.”

David Winskill, who is part of the Hornsey Town Hall Appreciation Society, said the group is “disappointed but not surprised” by the decision.

The small businesses which currently trade from the hall will be kicked out and the future of a number of events, including rock concerts and a weekly silent disco, hang in the balance.

Mr Winskill, 60, also expressed concern over “vague” plans to provide a new arts centre.

But the FEC says it will partner with Coplan Estates and has vowed to appoint an arts centre operator, with discussions taking place with ANA Arts Projects.

The two groups will set up a steering group when the refurbished town hall building opens, which will include councillors and residents.

Councillor Alan Strickland, Haringey cabinet member for regeneration, said: “I’m delighted that after more than ten years of work, we have secured a clear plan to bring the town hall back to life and save it for future generations.

“This £27million investment will bring an exciting mix of an arts centre, new homes, a hotel and restaurants, alongside a revamped square. The confirmation of this decision by Cabinet means that Hornsey Town Hall will finally get the investment it needs to take it off Historic England’s Heritage at Risk register.”