Friars Walk LendingCity News
Can Labour Council recoup £90 million lent for Friars Walk?
The Conservative led administration were the people behind the vision for the Friars Walk shopping development. It was the Conservatives whilst in coalition with the Liberal Democrats that brought together the various stakeholders and the developer Queensberry Real Estate, and created the conditions that made the development a reality - people shouldn't forget that. We believe that only the Conservatives can continue to do more of the same for the rest of Newport city centre in the years ahead.
But ... what will happen to Friars Walk in the immediate months ahead? The simple fact is that Newport City Council lent QRE £90 million to finance the development, and back in June 2016, a deal to sell the site to Canadian property management firm Talisker Corporation for around £120 million fell through. What are the financial repercussions of this to the city and the Council?
Newport City Council are set to release further news about the issues relating to Friars Walk in the near future. Be prepared to hear about it after the local election in May ... and when it's too late to change the party in power.
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