Council buys three flats close to their £90m theatre complex
by William Mata | 23rd November 2018
THREE properties close to Calverley Grounds have been bought by Tunbridge Wells Borough Council.
The trio of flats in Grove Hill House were purchased ‘after receiving direct approaches’ from the owners, the authority [TWBC] has said.
The council has told the Times these properties are tenanted and provide a ‘good investment in terms of revenue’ but added it would be ‘naïve’ to deny any link to the £90million Calverley Square.
Cllr Nicholas Pope, of the Tunbridge Wells Alliance party, is concerned that by buying these properties the council is looking to ‘silence’ opposition to the controversial theatre complex.
His political party was founded primarily to block Calverley Square – which will be built on land only a stone’s throw from Grove Hill House.
Two of these were bought for £375,000 and £475,000, the cost of the third is undisclosed.
Upon request for comment from the Times, TWBC stated: “These have been purchased in accordance with the Council’s property investment strategy.
“The Council has followed its normal procedures in completing these purchases.”
Calverley Square, designed to replace the Assembly Hall Theatre and existing Town Hall, has divided opinion but was passed by members of the council’s planning body earlier this year.
Cllr Pope believes some residents in Grove Hill Road who are looking to sell have been approached.
“Why have these properties been bought? Is the council silencing opposition?” he said.
“If you have got someone who is against it, by buying the property from them, they will not be so vocal anymore.”
The councillor himself lives in Mountfield Road in Tunbridge Wells, close to Calverley Grounds, but said he has not received any offers.
He continued: “It is highly unlikely that the council would buy two flats next to a major proposed development as an investment, and these flats are not the best choice if the council is hoping for a good commercial return from the rental income.”
Cllr Pope also criticised the Tory-run authority for making arrangements in private, rather than in public meetings where the theatre was discussed.
TWBC said this was because they were commercially confidential.
Why we bought the property
The Times asked Tunbridge Wells Borough Council for an explanation as to why the property had been bought, and received the following statement in response:
“All three properties [purchased this year] are tenanted and provide an income stream for the council, the rental value being a good return on investment.
“The council was approached by the properties’ previous owners with a view to purchase. Each property was considered separately and in line with the council’s criteria for investment.
“Each one was identified as being a good investment in terms of revenue income and capital appreciation. It would be naïve to say that the transactions are not linked to the Calverley Square project but they stand on their own merits as sound financial investments.
“The financial arrangements of the purchase were agreed in private not in a public meeting because they are commercially confidential, in the same way that that other property investment decisions have been made. The costs will be identified in the council’s financial records.
“The properties have already been or will be listed in the asset management plan. The council has had an investment fund since 2010 and is always looking for investment opportunities.”