In November 2020, Town & Country Housing decided to sell many of its garages by auction, the 9 garages at Mary Days were to be included. Parish Councillors and residents were concerned about the impact on the parking situation in and around Mary Days if the site was sold or redeveloped. Since November the Parish Council has been looking into the possibility of purchasing the garages and at their meeting on 04 May 2021, Goudhurst Parish Council agreed to purchase all 9 garages from Town & Country Housing at a cost of £68,000.
The purchase will be funded by £20,000 from Council reserves and, at the same meeting, Goudhurst Parish Council resolved to seek the approval of the Secretary of State for Housing, Communities & Local Government to apply for a £48,000 fixed-term loan from the Public Works Loan Board (HM Government) over the period of 20 years. The annual loan repayments will come to around £3,300. It is not intended to increase the council tax precept for the purpose of the loan repayments; the garages will be rented out and the income used to make the loan repayments. There has already been a lot of interest from residents wishing to rent a garage.
These figures are based on the assumption that 5 of the smaller garages are let for £600 a year and the 3 larger garages for £750 per year, therefore 1 garage being unlet. There is also a 10% discount applied for residents of the Parish.
5 x £600 + 3 x £750 (pa) would produce, after a 10% community discount, £4,725.
Estimated annual costs: £4,506pa
(including interest repayments, maintenance, insurance and contingency)
Estimated Surplus to GPC £219+
On this basis the projected revenue should lead to a small surplus to cover the administration costs. This calculation is on an income and expenditure basis however it should be noted that at the end of the period Council will have an asset of some value which it owns outright.
This consultation is the final opportunity for members of the public to share their views on the purchase.
If you would like to comment on the proposal, please email the clerk, Claire Reed at firstname.lastname@example.org
Claire Reed, Clerk
11 May 2021