Council bid for Land Registry

TUNBRIDGE Wells Borough Council is one step closer to buying the Land Registry office after its offer for the building was accepted.

It followed a private meeting at the Town Hall when councillors agreed to borrow money to cover the cost.

Council chief executive William Benson refused to tell the Courier how much they agreed to borrow from the Public Works Loans Board.

It is believed the council has borrowed in the region of Pounds 20million to fund both the Land Registry purchase, costing around Pounds 9million, and a possible bid for the vacant cinema site.

At a full council meeting last week, Cranbrook resident Joy Temple warned councillors commercial property values would continue to fall and "could even crash next year".

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Concerns She also raised concerns about "borrowing Pounds 20million with interest charges of at least Pounds 500k every year for years - and that is assuming only a 2.5 per cent interest rate".

This Pounds 20million figure was not disputed by any councillor.

Miss Temple added: "As a member of the public I say to you, risky property speculation is not the job of councillors. It is not fair on you."

The council said it was "categorically not true" to say it had made a decision to relocate borough council services to the Land Registry from the Town Hall but it did say there was sufficient demand from other potential tenants to "repay the investment regardless of whether the borough council is involved or not". Mr Benson would not answer questions on the loan amount, its length or how much it would cost taxpayers.

Cllr Brian Ransley said: "(The purchase) was viewed with considerable concern even by those members who had supported it.

"This whole thing is going to Christian Louboutin boots split the Conservative group in Tunbridge Wells if we are not careful."

The acquisition is part of a Kentwide initiative to reduce public sector costs and improve services.

Mr Benson said using the Land Registry could save more than Pounds 1million of taxpayers' money by bringing together services and sharing the cost of functions such as receptions, meeting and training rooms and ICT infrastructure.

He added: "It will also bring additional employment into the town.

"The acquisition does not in any way represent a decision on the future of the Town Hall which will be subject to further discussion in due Replica Zenith Watches course as and when any proposals are brought forward by the Regeneration Company.

"In approving the bid for the building the council has been keen to ensure the business case stacked up irrespective of whether or not the council subsequently decides to occupy the building."

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