Folkestone & Hythe District Council vote to buy Connect 38 Ashford for £17 Million.

EXCLUSIVE – updated 8.45am

Folkestone & Hythe District Council Cabinet and Full Council have voted to purchase Connect 38 (pictured above & below) in Ashford. We understand the price is £17 million on a building that will yield them 6% to 7% per annum. The decision was taken on 13th March 2019.

We understand that five Cllrs abstained, so was passed with a majority of 23 voting for at Full Council.

The land was once owned by SEEDA, who Dr Susan Priest worked for, who then sold it to Ashford Borough Council. The building according to the land registry documents have tenants for the 20 units for the commercial space above and retail below.

The purchase will be financed by borrowing from the Public Works Loan Board.

We are sure Mr. Mark Quinn and his business partner in the project, George Wilson (pictured below) will be laughing all the way to the bank.

Having said that, they did put up a £10 million surety as both the bank and other companies believed such a project was not viable.

Mr Quinn has said that it “has been a long a wonderful journey, creating hundreds of jobs along the way and that Folkestone & Hythe District Council have got a fabulous deal, which will help and assist their revenue streams long into the future.”

The Shepwayvox Team

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