FOI request (FOI214012)

Commercial property deals

Requested Tue 04 July 2017
Responded  Tue 04 July 2017

I would like to exercise my right under freedom of information laws to find out how much your authority has invested in commercial property in the following years: 

2012

2013

2014

2015

2016

2017 to date

If the value of the purchases in any one year amount to more than £10 million could I please be given a brief description of the purchases and their individual value. 

Please also include how much has been borrowed from the Public Works Loan Board to help facilitate any purchases in each of these years and the agreed interest rate for repayment and term of loan. 

Response

Hastings Retail Park has cost in the general ledger of £7,706,842 purchased 16/17.

In the same year Hastings Borough Council constructed New Factory Units cost 2015/16 - £86,670 and 2016/17 - £1,408,014.

Hastings Borough Council also purchased Aquila House (now know as Muriel Matters House) which includes 4 shop units in 2016/17 at a cost of £4,400,318.

There was a total of £13,000,000 borrowed in 2016/17 with rates between 2.3% and 3.08% and terms from 10 years to 43 years. This borrowing was not specifically for any particular purchase.

The Kiosk above Bottle Alley spend 16/17 £53,951.

There is no spend over £1,000 showing on the General ledger in 2017/18

The £13,000,000 included within my reply are PWLB loans. They were not taken out on a project by project basis but have formed the main basis of funding for the expenditure described above.