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Council pays £7m to buy Maidstone House - full details

Tuesday 18th January 2022

MAIDSTONE House, the six floor building in King Street, has been bought by the borough council.
The authority is currently a tenant but has secured the office space as part of £7.07m deal.
Maidstone Borough Council was paying up a £1m a year in rent but decided to buy the 199 year lease instead from owners Captial & Regional, which owns the The Mall Shopping centre.
Council leader Cllr David Burton said: "This represents a massive saving for the taxpayer.
"We will able to rent empty space out to subsidise its costs. This was being talked about for years by the Liberal Democrat leadership but we have done something about it. They were even going to spend tens of millions on a  swanky new office for themselves but that would never have represented good value for taxpayers, in my view."

Funding for the purchase comes from the council’s internal resources and Public Works Loan Board borrowing, which is low risk and low cost.