Wirral Council decide to sell New Brighton Marine Point freehold for £3,950,000
Wirral Council has decided to sell its freehold interest in Marine Point, New Brighton (pictured above) to Marine Point Property Limited for £3,950,000.
The site includes a cinema, supermarket, hotel, restaurants and various shops. The income to Wirral Council from the freehold (6% of the rents) was £208,298 last year.
A restrictive covenant on Wirral Council’s freehold title requires Wirral Council to seek the consent of the Department of Business, Energy and Industrial Strategy to any sale of the freehold.
Leader of the Council and New Brighton councillor Cllr Pat Hackett made the decision to sell the freehold based on this report and a location plan shows the extent of the Marine Point site (outlined in red).
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So you get nearly £4 million for the sale of the freehold, and waste it on whatever! or you keep getting 6% of the rent each year, year after year!
Any want with any sense would pick the second one
When you are stuck for money, you will sell whatever you have to make good the shortage.
Thanks for your comment John.
The problem is that a sale of an asset just provides a one-off amount to Wirral Council, whereas Wirral Council needs recurring sources of income or alternatively find ways of doing what it already does cheaper or make cuts.
Cuts got no idea what they are doing money grabbers at the top who’s next to take pay off hey they need to go all of them