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.
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