Otterpool Park Update: More property purchased

While the covid-19 virus has risen and fallen and risen again, those charged with keeping Otterpool Park Garden Town – where up to 10,000 homes may be built if planning permission is given – moves on at pace.

A planning application for an initial 8,500 homes at Otterpool Park was submitted to Folkestone & Hythe District Council on 28th February 2019. No decision on the application has been taken yet.

Since lockdown, Folkestone & Hythe District Council have purchased two further properties, bringing the total paid for land and property (not including stamp duty land tax or legal fees) to £37,572,500.

As is clear from the chart above, they have purchased Red House Farm on the Hythe Rd in Newingreen, for £1.2m; and No 1 & 2 Barrow Hill Farm Cottages, which sit opposite the Sellindge end of Otterpool Lane (pictured).

Since our last post on Otterpool, we have managed to eliminate who they have borrowed £34 million from to purchase the racecourse.

It is NOT the Public Works Loan Board or Homes England.

Regarding Homes England they have said:

• Since January 2017, £2,661,000 has been awarded to Folkestone & Hythe DC (and the predecessor council) as capacity funding under the government’s Garden Community programme towards the Otterpool Park garden town project.

On the 31st March 2019, the Council’s usable reserves was £51,176m. On the 31st March 2020, the usable reserves had risen to £53,544m. This clearly means they did NOT use their reserves.

So, this then just leaves borrowing from a bank.

On a final note the council’s wholly owned company, Otterpool Park LLP, which will be the master developer for the site, if given the go ahead, purchased £50,000 pounds worth of shares in Oportunitas Ltd another wholly owned council company.

It’s clear then there is no letting up in preparing Otterpool Park for possible development. We expect more money to be spent on property and land acquisitions throughout the next 12 months. When they happen we will of course update you.

The Shepway Vox Team

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