Wood Wharf sale

BRITISH Waterways Stuart Mills, Director of Property maintains the selling of Wood Wharf will provide the waterways with a significant long term financial contribution to waterways.

He agrees with our Allan Richards in that this will provide £52m  for British Waterways, but in addition it 'will provide £6m of income per annum for waterways maintenance'.

Used for maintenance

However, the gist of Allan's article was asking if the money would actually be used for maintenance of the waterways, and not spent on further money losing schemes.

Stuart goes on to state:

This is a great deal and wonderful news for the waterways. The enhanced ground rent plus the additional income as a consequence of reinvesting the capital payment will generate nearly £10m annual income for the Canal & River Trust. This is a valuable boost for the Trust and is a figure that will grow as Canary Wharf Group develops out the site.

[It seems the 6m has suddenly risen to £10m.  But now told this is assuming the £52.4m is reinvested into other income generating assets at a 7% return—Editor.]