Knightswick Shopping Centre, Canvey Island to have New Owners
Castle Point Borough Council is pleased to announce that the Council is to purchase the freehold of the Knightswick Shopping Centre Canvey Island. Contracts for the sale have been exchanged and completion will be by 31st October 2019.
Councillors agreed to proceed with the purchase at the Cabinet meeting on Wednesday 17th July. A Special Council meeting following agreed to change the Council’s investment strategy to fund the purchase from borrowing.
In addition the Council has agreed to invest an initial £1.5 million to improve the public realm in and around the centre.
Councillor Norman Smith, Leader of the Council said ‘This is a superb opportunity to support local businesses on Canvey to provide a good local shopping destination and progress regeneration of Canvey Town Centre. I am looking forward to cross party working with Canvey Island Councillors and the town council to make the town centre a great place to visit.’
Councillor Dave Blackwell Leader of the Canvey Island Independent Party said
‘We support unanimously this investment in our town centre that will provide us with the best chance to make progress in regenerating and improving Canvey Town Centre. My party looks forward to working together with the Conservative Councillors on this exciting project’
Councillor Jeffrey Stanley, Cabinet Member for Finance, Policy and Resources said ‘This is an excellent opportunity to invest in this exciting project. The price is affordable. The cost of the borrowing and running costs will be fully met by the income from the Centre. There will be no adverse impact on Council services and no impact on Council Tax.
Before the decision was made to purchase the council and advisors have been through many months of due diligence working with the current owners and their agents to ensure this is a sound investment.’
Councillor Norman Smith, Leader of the Council said ‘We can assure existing businesses that day to day management of the Centre will not change when we take on ownership. The Council will be appointing Managing Agents who will be responsible for running the Centre. This is the normal approach when any Council acquires a commercial property’
Photo below showing Leader of the Council Cllr Norman Smith and Cllr Dave Blackwell Leader of the Canvey Independent Party sharing the good news this morning.