Why did Wirral Council receive £2 million from an off shore company based in the Isle of Man?
Following on from yesterday’s blog post about how Wirral Council spent £16,412.04 on legal advice for regeneration of Birkenhead Town Centre, you only have to look at the lease for New Brighton’s Marine Point to see why Wirral Council sees these sorts of deals with companies such as Neptune Wirral Limited/Neptune Developments Limited & Neptune Projects Limited as lucrative.
In return for a 250 year lease of New Brighton’s Marine Point between Wirral Council and Neptune Wirral Limited (an offshore company based in the Isle of Man), Wirral Council received a premium of £2 million (plus VAT). In addition to this £2 million Wirral Council also receives 6% of the rents paid by commercial tenants in the Marine Point development as the documents below show.
It’s highly likely that if Neptune’s plan to redevelop Birkenhead Town Centre goes ahead, that there will be some sort of similar lease between Neptune and Wirral Council.
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