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COUNCIL IN COMPLEX£20M PROPERTY DEAL

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Dumfries and Galloway RC has agreed a complicated£20.4m financial package for the take-over of a hospital complex ...
Dumfries and Galloway RC has agreed a complicated £20.4m financial package for the take-over of a hospital complex in Dumfries reports The Herald (p10).

The council will buy the building and grounds for £3.1m, and as an interim measure lease the property at a peppercorn rent to a conservation body, Solway Heritage.

Meanwhile some of the property will be leased back to the health board at an annual rent of £210,000.

Council officials have estimated the notional value of the complex at £20.4m and hope to receive borrowing consent of this amount from the Scottish Office under a Section 94 agreement.
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