From a freedom of information request submitted by campaigner and armchair auditor Peter Malpas, Chorley Council has revealed that the valuation of Chorley's Market Walk Shopping Centre has fallen by £2.38 million. It was first acquired by Chorley's Labour council in December 2013 for £23.341 million.
The 10% fall in valuation is equivalent to £717,000 each year.
In Peter's request he wrote
"Because, together with other Chorley taxpayers, I am helping to buy the Market Walk Shopping Centre which you bought in 2013/14 on our behalf for £23.341,000, I would like to know the Fair Value of our shopping centre for each of the 3 subsequent years since we purchased it.
Because your annual accounts aggregate the Fair Value of all properties which together we own, it isn't clear what the value of Market Walk was in your latest accounts."
Chorley Borough Council responded
Year Valuation
2014/15 £22,250,000
2015/16 £22,250,000
2016/17 £20,850,000