At the annual MIPIM property conference in Cannesin March of this year, the Department for International Trade (DIT) revealed the investment opportunity – Otterpool Park – valued at £2.8bn was to build up to 10,000 homes over 20 years in our district.
Since Folkestone & Hythe District Council committed itself to the project with its £5.2 million acquisition of land from the Champney Brothers in Dec 2015, it has begun purchasing other property in the boundary to ensure Otterpool proceeds.
In 2019, Folkestone & Hythe District Council have purchased five properties costing £5,110,000 within the Otterpool Park boundary.
On the 10th Oct 2019 the Council paid £535,000 for Elm Acres Ashford Road, Newingreen, Hythe CT21 4JD.
The Council’s director responsible for expanding commercial interests is Mr John Bunnett (pictured). He is a Chartered Surveyor and former Chief Exec of Ashford Borough Council (2009 – 2015,) and after that Brett Associates as the Director of Land & Planning, before joining our Council in late 2016.
Mr Bunnett is no slouch when it comes to business acumen. John has been a director of Greedylegs Ltdsince Nov 1999. It’s latest set of accounts show that the company has tangible assets of £6 million and a shareholders fund of £4.9 million.
So far the Council have not borrowed monies from the public works loan board to pay for property acquisitions within the Otterpool Park boundary. As of the 31st March 2019 the Council had at it’s disposal £51.2 million in usable reserves. Of this the Council are forecast to use £10.1 million of borrowing(See 8.3) to fund property acquisition within the Otterpool Park boundary in 2019/20.
The Council’s partner in the Otterpool Park development is the Reuben Brothers offshore company Cozumel Estates Limited based in the British Virgin Islands. They have purchased two properties in the Otterpool Park Boundary in 2019.
Their latest acquisition is Rose Cottage Ashford Road, Newingreen, Hythe CT21 4JD purchased on Guy Fawkes day (05.11.2019) for £360,000.
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