Reveal details of Newbridge Hill

I was extremely disappointed to read the article in last week’s Chronicle titled “Appeal fails to halt flats scheme” in which the facts have not be fully explained to readers.

I respond not in any political bias but as a concerned resident and a Fellow of the Royal Institution of Chartered Surveyors.

The property could have been sold on the open market over the last two years for a sum of around £800k with the benefit of planning permission to convert 117 Newbridge Hill into 6 flats.

Now the argument being put forward is that they do not want to sell for a single ‘luxury house’ and that they are selling to their own development company at a loss of near half a million pounds- £308k.

The excuses do not stand up to scrutiny and it was shambolic to see the resources panel reject the call in.

Sadly Cllr Samuel will not release the valuation report for public examination, something I believe as residents we are entitled to see.

Even when the property is converted by Aequus (the council’s own development company) the council will, according to Aequus’s own business plan and including the £308k purchase price, receive a sum of £640k which is way below what they could achieve now of £800k.

What is even more alarming is included in that business plan are sums of £37k for five years’ council tax, a sum they would get even if a private development company converted the property. They then include £7k for a government new homes bonus which again they would receive, but even

worse they include £35k for the interest that they will pay back on their loan, clearly they can only justify the plan with the council being a generous bank.

Your article quotes Cllr Samuel “that the priority must be to provide affordable housing homes for first time buyers”.

These flats are being sold for at least £250k and close to £400k how can Cllr Samuel say this is affordable is beyond me. Even the leader of the council, Cllr Romero, says these are low cost housing.

Either this administration thinks the residents of this city are super rich or they are hiding the true reasons for allowing this preposterous giveaway and that of financing their loss-making development company.

The Newbridge Hill transaction must be looked into independently if we as residents are to have faith in the workings of Aequus.

We were promised transparency but I have seen little of this to date. Bob Goodman FRICS (Royal Institution of Chartered Suveyors)