The Criterion project. I am sure this will be the Tory’s headline attack, and I don’t want to join in with that, but they do – sadly – have a point.
That said I would be in total support, if it was being managed in a more professional way. But it isn’t, the entire project raises more questions than answers.
First it gets purchased by a developer for £400,000 suddenly the Council slaps an order on it, which prevents the developer from doing whatever was planned for the site. Then the Council offers £600,000 to purchase it? Of course, the offer was accepted. A £200,000 profit for simply holding a building for a while is not to be sniffed at.
It’s a great idea in principle. But is the old Criterion the right place. Would it be cheaper to use a brown field site and start from scratch?
I can only speculate. But I struggle to see how this had proper due diligence. Especially around the projected cost. Originally £6 Million, but even without any work being done, now looking more like £7 million. External grants cannot be applied for without a comprehensive business plan, and it doesn’t have one, so the entire thing is still in jeopardy. However you cut it, this shows very poor judgement and a degree of desire taking precedence over consideration.
