Leicester Council Sells Land for Office Complex

0:00From Lester, this is your March 2nd update. Lester City Council plans to sell a plot of land in the city's cultural quarter to Holmes England for 1,150,000 pounds. The site sits on Midland Street right near the Phoenix Cinema and could become a big office complex to boost the area. Under the deal, Holmes England would lease the land back to the council for a peppercorn rent, which is basically nominal. They would also hand over 300,000 pounds to cover planning permission costs for the office project. Plus, part of the site would turn into a new pedestrian walkway to the cinema from St. George Street. The council picked up this land recently through a land swap with a developer. The goal was to tackle a shortage of office space right in the city center with a 20,000 square meter development. This move aims to spark regeneration, create jobs, and draw in new investment. Officials say it unlocks 1.5 million pounds in extra government funding for more land buys and public improvements.

1:00Some Councillors have raised concerns about the latest proposal, but the council calls it a smart partnership that speeds up much needed growth in a cultural quarter. The daily news now is powered by our sponsor, Lincoln the Description, a pillow that sounds as good as it feels, built for listening and bed, S-O-L-I-S-O-L-Pillow.com.