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As a Bristolian immigrant living in Croydon, it& #39;s been surreal seeing my council the centre of so much real estate investment-related controversy.
A quick thread on what& #39;s been going on @PropertyWeek
First, the government& #39;s review: https://www.propertyweek.com/news/government-launches-rapid-review-into-croydon-spending/5110853.article">https://www.propertyweek.com/news/gove...
A quick thread on what& #39;s been going on @PropertyWeek
First, the government& #39;s review: https://www.propertyweek.com/news/government-launches-rapid-review-into-croydon-spending/5110853.article">https://www.propertyweek.com/news/gove...
The review is a response to a damning report by @GrantThorntonUK which says the council rushed decisions to spend over £545m of taxpayer-funded borrowing on commercial property.
An FOI from PW reveals how some of these investments have gone (not well). https://www.propertyweek.com/news/auditor-slams-risky-croydon-council-property-investments/5110841.article">https://www.propertyweek.com/news/audi...
An FOI from PW reveals how some of these investments have gone (not well). https://www.propertyweek.com/news/auditor-slams-risky-croydon-council-property-investments/5110841.article">https://www.propertyweek.com/news/audi...
The publication of the review comes after @PropertyWeek revealed that the council had asked MHCLG for help because of "revenue pressures" with a source saying they were on the brink of bankruptcy partly as a result of commercial property investment: https://www.propertyweek.com/news/croydon-council-asks-mhclg-for-help-with-revenue-pressures/5109700.article">https://www.propertyweek.com/news/croy...
The @FT followed up this news with its own report (which I& #39;d highly recommend): https://www.ft.com/content/ed6b4e34-ef53-466d-a0e7-66b9a6db8992">https://www.ft.com/content/e...
Crodyon is by no means the only council in this position (see Property Week investigation from August below) but it is possibly the worst affected by all of this.
And it& #39;s a real shame. Because I love Croydon. I really do.
End of thread. https://www.propertyweek.com/news/councils-lose-money-on-out-of-constituency-retail-assets/5109760.article">https://www.propertyweek.com/news/coun...
And it& #39;s a real shame. Because I love Croydon. I really do.
End of thread. https://www.propertyweek.com/news/councils-lose-money-on-out-of-constituency-retail-assets/5109760.article">https://www.propertyweek.com/news/coun...
