Council purchase more than £86m of land & property since 2015
They have purchased more than £86m of land and property since 2015, according to land registry data.
Folkestone & Hythe District Council have purchased land and property either freehold or leasehold, all across the district. This includes property purchased by Oportunitas Ltd, whose sole shareholder is the Council. We have not included the date the RVH and No 1A Radnor Park Rd were acquired as the properties do not currently show up on the land registry. We do know the Council has loaned Oportunitas £6,450m; which is the price of the contract, so have included this as well.
Where there is a zero in the price paid column, this denotes this was part of a purchase. For example, the Racecourse properties, Killymoon, Rose Cottage and the White House show as zero as they were part of the overall purchase.
The £86m is not the total price paid, as it does not take into account the additional fees, eg surveyors fees, stamp duty, legal fees, et cetera. If that were to be added onto the overall cost of the land and property, the sum paid would be in excess of £92m.
Have Folkestone & Hythe District Council become a property developer/investor, either in its own right, or via one of the number of companies it now owns.
We’ll leave you to ponder that.
If perchance we’ve missed any land or property purchased by the Council, or its wholly owned company Oportunitas Ltd, whether it be freehold or leasehold, please do let us know – shepwayvox@riseup.net
The Shepway Vox Team
Dissent is NOT a Crime
No Otterpool.
Times have changed.High interest rates and unaffordable mortgages.
Ah that great white elephant that is Connect 38 . I’ll remind you how much Monk spent to increase his property portfolio
£16,819,406 of your Council Tax
Ashford Councillors couldn’t believe their luck when this was taken off their hands during an extended period of over supply of office space .
So how much is this elephant costing us against any income being generated and what is the chance of selling it at a profit ?
Connect 38 was purchased from a Mark Quinn owned company, not ABC.
Ashford Borough Council under wrote the cost of two floors, which I presume was the gist of the reply to the author the ABC are off the hook.
Very interesting…Question to the author; is it possible to sell any of these Council owned assets and if so, how much cash could be realised given any depreciation that may need to be applied?
The assets can be sold and the capital receipt can be used in certain ways. And the land and property rather than depreciate should increase in value, as is often the way for land and property.
As the previous Monk council allowed the racecourse land to have planning permission can this be overturned so Otterpool never happens.Or perhaps return the race course to,being a Kent’s only racecourse
I guess our council taxes are going to go up as we are in it now! The council are not developers or in fact business operators and should stick to providing council services only. Would like the author to ask the council how this is all going to be afforded In the current environment without substantial losses sooner rather than later . I hope the answer isn’t a Section 114 🤷♂️🤷♂️
@Guy
I think we are a way off s114 territory
Great 😊