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Council to profit from lease purchase
A £3.5million property deal has been struck to generate money for public services.
The lease for the site in Toddington Drive, Debden, currently occupied by Sainsbury’s and a BP petrol station, is set to be purchased by Epping Forest District Council.
Company Stobarts has agreed to finalise the deal once Sainsbury’s has confirmed its store and a car park will be refurbished.
The council is expected to receive annual rental income of £224,424.
A spokesman said: “It is a far better investment than putting the money in a bank.”
“It will also give the council greater control of the future redevelopment of The Broadway as the council will be dealing directly with Sainsbury’s rather than a middle man.”
However, Loughton Broadway councillor, Leon Girling, is concerned by Tuesday’s decision.
The council recently approved the controversial demolition of the Sir Winston Churchill pub opposite the Sainsbury’s site to make way for flats.
Cllr Girling said: “My concern is that following the decision to allow the 64-flat development on the Winston Churchill site, it could happen again on the other side of the road.
"The council didn't listen to residents on that decision and this will make it easier for the council to push through the decisions it wants in Torrington Drive.”
Anne Grigg, portfolio holder for asset management and economic development, said: “The rental income is very good for the council and Sainsbury’s and the petrol station will not be bought out of their leases.
“There are no plans to redevelop the site and the agreement will be in place for at least 15 years.”
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