A GRADE II listed library building in Blaenavon will be sold to a business based in the town for £108,000, despite having £800,000 spent on renovation costs since the turn of the millennium.

Torfaen’s executive member for resources and governance approved a recommendation over a ‘negotiated disposal price’ of the Lion Street site to a yet unnamed business earlier this week.

Since 2000, when the Torfaen town received World Heritage Status, £800,000 has been spent on renovating the library, for the facility to be deemed surplus to requirements in March 2015.

Speaking of the sale, the mayor of Blaenavon, councillor Gareth Davies, said: “It is a shame to see an upgraded building that was specifically adapted to enable the library to be housed being sold.

“However, I am encouraged that the site is not to be left empty but to host a respected company with a wide range of clients."

The decision to relocate the library into the World Heritage Centre was part of the council’s budget saving methods for 2015/2016, approved by Torfaen’s cabinet on March 24 last year.

In July, the process began of finding a new owner for the property, with library services moved into the World Heritage Centre the following month.

The mayor added: “I hope that this expansion will allow for more jobs to be created in Blaenavon.

“People continue to use the library in its new location at the World Heritage Centre, as many communities have lost similar facilities as a result of financial cutbacks.”

Despite the £800,000 investment into the listed building since 2000, the market value of the Blaenavon library, independently obtained by the council, was set at £130,000.

In the disposal document, it was reported that the library required £22,000 in repairs to bring the building to a sellable standard, leading to the agreed price of £108,000.

A council spokesman said: “Following the successful move of Blaenavon Library into the World Heritage Centre, the former library building on Lion Street is now surplus to requirements.

“We are currently in negotiations with a local business who wish to expand their operation in the town centre.”