Property sales set to improve council finances

Unused sites including Croydon Park Hotel and College Green are set to be sold to improve the borough’s finances if approved at cabinet this month.
Earlier this year the Croydon Park Hotel, next to East Croydon station, and the College Green site, off Barclay Road, were among 15 sites declared surplus to council requirements and marketed for sale.
If cabinet approves the sales at its meeting on 18 October, money generated from any sales would then be used to help address the borough’s medium-term financial challenges.
Earlier this year the council approved an interim asset disposal strategy for sites it owned that were either surplus or no longer key to delivering core council services.
The list included the former 210-room Croydon Park Hotel, which the council took back control of last year after its leasehold operator went into administration due to fewer bookings because of the pandemic.
The council also agreed to market the College Green site for sale, which received planning committee approval in April 2020 for more than 420 homes, shops and community facilities.
The council’s proposals to sell these sites are in line with the Croydon Renewal Plan, which focuses on reducing debt, ensuring the borough’s finances are sustainable and providing residents with greater value for money.
In addition, cabinet will be asked to approve proposals to sell at auction two disused former park keepers’ lodges – Ashburton Lodge, in Ashburton Park and Heath Lodge, in Grangewood Park.
As part of the terms of sale the council will include restrictions that limit development at either of these sites, with Heath Lodge to stay as a single house.
Cabinet will also be asked to approve an eight-year extension to the council’s 37-year lease on Concord House and Sycamore House, which are used as much-needed temporary accommodation for families who present as homeless.

“We were determined to achieve market value for the Croydon Park Hotel and the College Green sites before agreeing any sale, which is why we brought in highly-experienced and independent property specialists to get the best possible return.
“I’m pleased that we have generated strong interest with a range of healthy offers for both sites – this means more money will go into improving the borough’s finances and safeguarding much-needed council services for our residents.”
Councillor Callton Young, cabinet member for resources and financial governance

2022-06-16T13:36:54+01:00 October 8th, 2021|Recent news|