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Middlemarch buy back price set at 3.2 million plus inflation

Wed, 08 May 2013

The finer details of the Middlemarch site purchase by government were revealed in the House of Keys yesterday.

The acquisition of the car park site in Douglas cost government £3.2 million and is geared toward helping the Sefton Group with its rebalancing program.

Onchan MHK David Quirk asked for more details to find out the monetary benefits to government.

In place of receiving the car park revenue government will be paid £160,000 in rent per year, the first quarterly payment of which has already been received.

After a five year lease period the group will have the option to buy back the site, the price of which will be set at £3.2 million plus inflation.

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