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Southwark wouldn't pay £1 more to get Harmsworth Quays lease back

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Wednesday 19 March 2014 10.25am
Cabinet, 18/03/14, Response to Public Question:

Response by Councillor Richard Livingstone

"The council did enter into negotiations to purchase the leasehold interest, and offered to match the highest bid offered to Associated Newspapers.

However the Associated Newspaper Board declined the Council's proposal and negotiated and concluded terms to sell their Leasehold interest to British Land. Associated Newspapers were within their legal rights to sell their interest to whom ever they decided.

The council still hold the freehold interest in the majority of Harmsworth Quays."

Tens of millions will now leak from the site.
And British Land now have a very high level of control.

Surely one of the biggest blunders in Southwark's history over what will be a £Billion development.
Wednesday 19 March 2014 10.38am
There's audio of the question and answer over here, in case you're interested:

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Wednesday 19 March 2014 2.25pm
Thanks James. I will definitely listen to that later! I am flabbergasted, really. So I had better be careful what I write! But I attended a private meeting in summer 2012 and what a different story this now is. What freeholder on the planet fails to pay a little bit more to get the leasehold back! Someone bungled big time. Perhaps they got confused with buying leaseholds of Southwark leaseholders and have got too used to paying less than market and what is sensible.

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