Red Lion Qtr, Spalding'ext pic 10/09/12
Red Lion Qtr, Spalding'ext pic 10/09/12
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THE £6.5million Red Lion Quarter has been sold to Boston College for £2.4million.

The deal includes a repayment of £2million which the college “borrowed” from the council as its contribution to the original cost of setting up the Red Lion Quarter.

It means South Holland District Council will receive in the region of £400,000 for the freehold of the building.

The handover has been heralded as an “exciting new era” for the troubled Red Lion Quarter, which has been dogged by controversy since it opened in April 2011.

South Holland District Council deputy leader Nick Worth said: “This is a good deal for all parties involved, particularly in the context of providing post-16 education in the centre of Spalding.

“The original vision for the RLQ to provide jobs, business, training and education in the heart of the town and wipe away the dereliction of the past is being realised.

“We can look forward to a vibrant new future for that part of the town where firms can thrive, jobs are created and students can learn, all of which will contribute to the prosperity of the town and wider district.”

The council claims the deal will mean no losses incurred by the council taxpayer and the people of Spalding.

Its contribution to the capital cost of the building was £200,000 from its own funds and a further £500,000 from Spalding’s Section 106 money – given to the district council by developers to spend on projects which benefit the town.

Boston College principal Amanda Mosek said: “This is fantastic news for local people and demonstrates the college’s commitment to Spalding and South Holland.

“We have exciting plans to really create a vibrant centre which will support the development of the local economy and secure a more skilled workforce.

“Red Lion Quarter will offer prestigious office accommodation for local businesses, it will provide space for business start-ups, there will be rooms for local organisations or individuals to hire for meetings, we will be creating a food heritage centre and, of course, it will enable us to expand the range of courses we are able to offer and effectively gives Spalding its own college.”