FOI request (FOI212878)

Method of funding for properties purchased by Hastings Borough Council plus details

Requested Thu 25 May 2017
Responded  Thu 25 May 2017

Would you please supply information on how the following properties were purchased by Hastings Borough Council.

a)     Aquila House (now known as Muriel Matters House)

b)     Dunelm Mill/Pets at Home site (on the old Focus DIY site)

c)      The food factory - Queensway

Please identify which of these buildings were purchased by the following processes:

1.     Directly from council funds.

 2.     Privately financed

 3.     With a loan through the Public Works Loan Board (PWLB) scheme

Has the council purchased any other properties for investment within the last four years which are not listed in this request? Please supply copy of Minutes from Council meetings regarding financing these purchases and the decision/agreement  to purchase.

Did the Council obtain independent advice on the purchase of the properties listed above and for any other property purchases.

Response

They are all purchased initially with Council funds. However the Council will look to borrow from the Public Works Loan Board (PWLB) i.e. will externalise borrowing for most if not all of these purchases. External borrowing has been taken from the PWLB in the last year which would cover the purchase of Muriel Matters House and the factory development (developed by HBC on HBC land)