Stockport Council have bought the Grand Central leisure complex in the town centre.  The Council’s borrowed the money to make the purchase, taking out a £15 million mortgage.

It’s a really good idea, and here’s why.

The Lib Dems have a plan for the site, which is slap bang next to Stockport Station (1h 50 mins to London, 10 mins to Manchester, several trains an hour) and to the A6.  We believe that, instead of some of the relatively unsuccessful businesses that have been there up to now, it needs facilities that will attract people from further away: a hotel with conference facilities, offices and a car park.  We can use the great location to attract people into the town in a way that the”Heaven & Hell” nightclub never quite managed.

If the plan comes off, it will create up to 700 new jobs and attract lots of investment, not to mention be a tidy earner for its landlord – Stockport Council.

But even before that happens, it’s still a good deal.  The rental income the Council will be getting is already a third more than the mortgage payments – around half a million a year more that will be put back into services for residents.

Labour have welcomed the Lib Dem plan, but the Conservatives are opposed to it – worried about the borrowing.  Conservative leader Les Jones said “In the present economic climate it’s difficult to justify such a speculative venture.  This could result in the residents of Stockport  being saddled with another large debt repayment.”

That’s odd.  The due diligance work has been done and re-done.  The money to buy Grand Central isn’t coming out of other council services, and we’re only borrowing on the basis that we’ll be able to repay the loan and have some more money besides.

This is a good deal which at the very least will bring some more money into the Council and, I very much hope and expect, will see a part of Stockport that’s underperformed doing much better in future and bringing jobs and investment into the town.

I hope the Conservatives re-think their opposition to the scheme – it’s good for Stockport.

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