Bor­ough coun­cil puts its part of The Cres­cent up for sale

Hinckley Times - - NEWS -

A coun­cil ex­pects to make “sev­eral mil­lion pounds” when it sells part of the town’s shop­ping and leisure com­plex.

Hinck­ley and Bos­worth Bor­ough Coun­cil is still the owner of the por­tion of the town cen­tre’s Cres­cent devel­op­ment.

It owns the area of the £60 mil­lion cen­tre where the cin­ema is sit­u­ated but now in­tends to put the land on the mar­ket.

Cash from the sale will go to­wards the coun­cil’s other ma­jor cap­i­tal plans, such as the devel­op­ment of a cre­ma­to­rium off Click­ers Way, near Bar­well.

The coun­cil said busi­nesses in The Cres­cent will be un­af­fected by the sale.

The coun­cil sal­vaged the strug­gling devel­op­ment project in 2013 by pro­vid­ing a £7 mil­lion loan and in­vested about £4.5 mil­lion in se­cur­ing the ar­rival of Cineworld.

More than £2 mil­lion was spent on buy­ing the free­hold for Block C, the lo­ca­tion of the multi-screen cin­ema.

A sim­i­lar amount was given to Cineworld as a fixed cap­i­tal con­tri­bu­tion in­cen­tive pay­ment to help the film firm fit out the five-screen fa­cil­ity. Le­gal fees made up the rest.

The de­vel­oper, Tin Hat Re­gen­er­a­tion Part­ner­ship, sold its stake in the scheme last year and now the coun­cil is fol­low­ing suit

Con­ser­va­tive coun­cil leader Mike Hall said: “The coun­cil was pleased to be able to help this devel­op­ment go ahead but own­ing bits of leisure com­plexes is not re­ally our job so now we feel it is time to get the money back for the pub­lic.

“We will lose a bit of in­come through rental but we want to put the cap­i­tal to use on things like a cre­ma­to­rium.

“It has al­ways been the coun­cil’s in­ten­tion to dis­pose of the site to a more spe­cial­ist man­age­ment com­pany and the tim­ing is now right for us to do this so that we can fund new projects without the need to bor­row.

“Although the coun­cil re­ceives a net in­come from the site which has helped to keep coun­cil tax for our res­i­dents among the low­est in the coun­try, it is a diver­sion from de­liv­er­ing our day-to­day ser­vices.

“We are now of the opin­ion the coun­cil can step aside know­ing The Cres­cent will con­tinue to de­liver shop­ping, din­ing and leisure fa­cil­i­ties for the res­i­dents of Hinck­ley and Bos­worth.”

The Cres­cent in Hinck­ley. Pic­tured is Tarro Lounge and Cineworld above it. This sec­tion is owned by the coun­cil

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