Sefton Council’s controversial Bootle Strand Shopping Centre is expected to cost council tax payers £1.5 million a year in losses for the foreseeable future
That’s the shocking news revealed in a report from officers to councillors who are currently considering the budget for next year.
Lib Dem leader, Cllr John Pugh, says the controversial £33 million purchase of the Strand Shopping Centre in Bootle was always a case of speculation – which has now gone bad.
“Lib Dem councillors warned from the very start that this was a high risk venture and we have sadly been proved correct” said Cllr Pugh.
“Sefton Council has already lost millions of pounds on the capital value of the shopping centre, as the professional valuation has plummeted,” continued Cllr Pugh.
“Now we see massive losses of £1.5 million in revenue each year, and this can only come from one place, which is out of the pockets of council tax payers.”
Lib Dem councillor, Simon Shaw also voiced his concerns:
“From the very start we warned that this was a dangerous case of property speculation ‘on the rates’.”
“I have nothing against Labour councillors engaging in property speculation with their own money. The problem here is that they were speculating with other people’s money, namely the ordinary council tax payers.”
“That was simply wrong, and we warned the controlling Labour Group of the risks from the very beginning. Unfortunately they didn’t listen.”
Sefton Council said: “The pandemic has affected the whole retail sector, including the Strand, and due to continued uncertainty we have openly provided an update on potential scenarios.
“At this stage an assumed loss of £1.5m for the financial year 2021/22 has been included in the budget plan, although this is dependent on economic conditions, the timing and nature of any restrictions relating to the pandemic, and the resulting circumstances for individual tenants.
“We will also continue to work with affected businesses, with continued focus on economic recovery and job retention.”
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