February 8, 2024 9.15 pm

£1m extra: South Kesteven council ‘paid far too much’ for Stamford development land

SKDC purchased the land for more than £1 million its real value
The St Martin's Park redevelopment masterplan | Image: SKDC
By Local Democracy Reporter

South Kesteven District Council has disclosed that it spent over £1 million above the actual value to acquire the land for its St Martin’s Park Redevelopment Project on the outskirts of Stamford.

At an Extraordinary Council meeting on Thursday, local representatives criticised the project as a “blunder,” highlighting that the council overpaid for the 14.7-hectare site on Branack Road—valued at only £6.2 million—by purchasing it for £8 million in March 2019.

Read the full story on MyLocal, the new home of The Lincolnite.