I am writing in response to the various comments from Michael McGough and Stephen Murray to the Guardian regarding Centric Parade, Loughton. I had taken the comments as rhetorical. Cllr Murray and I have debated the same points at various recent meetings. However, I’m very happy to go through it again for his and your wider readership.

Epping Forest District Council has made itself one of the most efficient low-tax councils in Essex. As central government funding has disappeared we have planned and invested for a financially independent future. We’ve already made big strides. Epping Forest Shopping Park, developed by the council, provides an annual income towards public services of around £3 million. Other new commercial developments such as the new National Police Air Service base at North Weald Airfield are joining a range of shops, business units and other commercial property paying rent that supports council services.

While other Councils have made cut backs or have substantially increased their council tax – our commercial initiatives have delivered investment few other councils can match. Look at the brand new Waltham Abbey Leisure Centre, the brand new council housing we are building across the district, the new Highway Ranger service added to our budget from April or the extra police officers the Council is paying for to keep our residents safer.

The world doesn’t stand still. We have to keep moving with it. We have ambitious plans to support local families with much more council housing. We have promised another brand new Leisure Centre for Epping. And we plan to have the lowest district council tax in Essex. But you can’t do that operating like a council in the 1970s. You have to take advantage of commercial opportunities when they arise.

Centric Parade came on the market once before. It’s a very sound commercial investment but it was snapped up before the council with all its policies and procedures could shift into gear. Having learnt our lesson, we asked full council to give us more freedom to act quickly if similar opportunities arose again. Luckily, exactly that happened and this time we were able to act quickly.

We are working our money as hard as we can. We paid £23 million for Centric Parade using money available only to councils at very low interest rates from the Public Works Loan Board. We took expert commercial advice before we signed the deal. Allowing for all the costs of purchase and borrowing we are looking at a return of 4.19 per cent. Even with depreciation, we are still going to get more than three per cent. As any saver knows, that’s way more than you could ever get with the banks right now.

I’ve listened to advice from all groups across the council chamber. The numbers stack up and most councillors of all sides support the deal. Given the facts, I think most residents support it to.

Cllr Aniket Patel

Commercial and Regulatory Portfolio Holder

Epping Forest District Council