Gravesham council snaps up shops in Sittingbourne

By   April 3, 2018

Gravesham council has snapped up shops in another part of the county for £1 million as it steps up efforts to make the borough self-sufficient.

The authority has spent £1,030,000 on the freehold of 123-127 High Street, Sittingbourne, which is currently home to leaseholder Lloyds Bank, and subletters Paddy Power and Bluebird Care.

Lloyds’ lease is up in 2022 and it currently pay £85,000 rent a year.

The council expects Lloyds to renew its lease and maintain a presence in the town due to the scale of proposed development there.

However, a report presented to cabinet on Monday stated that if the tenancy comes to an end it could have a significant impact on the predicted return.

It was also revealed there is overgrown land behind the site which could be developed.

Sittingbourne is currently undergoing a major regeneration with a seven-screen cinema and various new eateries planned in the town centre opposite the train station.

It reads: “There is significant development planned for the town centre and the High Street will potentially form the link between the various developments.

For the full article go to Kent Online.

Facebooktwittergoogle_plusredditpinterestlinkedinmailFacebooktwittergoogle_plusredditpinterestlinkedinmailby feather

Leave a Reply

Your email address will not be published. Required fields are marked *