Knowle relocation project: costs and profits

Things have been looking very uncertain over the District Council’s relocation policy:

Knowle relocation project: BREAKING: PegasusLife merger

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There have been new Freedom of Information requests:

Knowle relocation project: further FOI requests

And they have just been answered:

Delays to selling of the Knowle

Costs of Knowle relocation

And according to the council’s own paralllel press report, it’s just been a matter of a bit of asbestos that’s held up the sale:

Council proud of uninterrupted services during move to Honiton

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However, the East Devon News prefers to see things from a slightly different perspective:

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District council reveals how much developer will pay for former Sidmouth HQ – with new retirement community ‘set to be worth £50m’

The Knowle

The Knowle © Anthony Vosper cc-by-sa/2.0 :: Geograph Britain …

Sidmouth’s former district council HQ has cost a developer £9million.

Buyer PegasusLife could net ‘£50million’ from the 113-home retirement community it is poised to build at Knowle; however, the huge figure would not be pure profit.

East Devon District Council (EDDC) today revealed exactly how much it will receive for the site – with the public coffers swelling by £1.5million more than originally agreed.

The authority relocated to a purpose-built new base in Honiton and a refurbished Exmouth Town Hall earlier this year at a cost of more than £10million.

EDDC says the final stage of the sale of Knowle, when ownership of the site is transferred to PegasusLife, will take place on December 18.

A total sum of £9,019,605 will be paid to EDDC. The developer will fork out an extra £1,514,605 on top of the base sale price of £7,505,000.

It says the additional funds it will recieve comprise of a sum due to inflation – known as ‘indexation’ – and a percentage of community infrastructure money the developer had set aside. These amount to £1,095,855 and £418,750 respectively.

District council reveals how much developer will pay for former Sidmouth HQ – with new retirement community ‘set to be worth £50m’

   
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