Strapped for cash and missing out on thousands in rent

‘We have always seen this as a long-term strategic purchase which will inevitably have its ups and downs’

An empty superstore left vacant since Homebase bowed out of the city in 2018 continues to cost the council thousands in lost rental income.

The large Wincheap unit in Cow Lane was set to be taken on by Wickes earlier this year but the rival hardware firm pulled out of negotiations.

It means the site has sat empty for almost a third of the time since it was purchased by the cash-strapped council for £3.5m in 2013.

But the authority is downplaying the lost rental income, stressing that buying the building was a long-term strategic purchase that would “inevitably have its ups and downs”. Council spokesman Leo Whitlock says the authority cannot reveal how much is being lost in rent because it would “reveal our hand when it comes to commercial negotiations with prospective tenants”.

But in forecasting “overspends of £288,000 and £306,000 for commercial and industrial rents”, the council’s property team says: “A significant part of this is due to a vacancy at Wincheap, however there are also various losses of rental income forecast as a result of Covid-19 impact on businesses.”

The Cow Lane unit is classed as industrial rent. Mr Whitlock says there has been lots of interest in the site and the council is confident it can soon nail down a tenant.

“Of course, we have always seen this as a long-term strategic purchase which will inevitably have its ups and downs,” he said. “Recessions come and go. But they are always followed by periods of strong economic growth which will benefit the council taxpayer and help pay for vital frontline services.” Wickes was set to move into the store but pulled out after failing to secure permission to chop down the avenue of trees lining the road. It wanted to remove the London Planes to make the unit more visible to passers-by. What do you think? Email kentishgazette@thekmgroup. co.uk.

The empty site