CAMPAIGNERS have hit out after details emerged of Colchester Council’s 250-year lease agreement with Alumno for its stalled Cultural Quarter development.

Following pressure from the scheme’s opponents, the authority released details of the lease agreement into the public domain on Wednesday.

The agreement, which is dependent on getting planning permission, was split into two sections, one for the site of the 336-student rooms and one for the 87-bed Travelodge.

Colchester Council is set to be paid £980,881 for both, equivalent to £3,923 per year, if the schemes go ahead.

But Alan Short, one of the most vocal opponents of the proposals, described the 250-year lease period was “excessive”.

“Town centres change but in this case they will be locked into student flats for a long period of time,” he said.

“I think the land is grossly undervalued.

“The problem is that the Government produces a list of site values for councils to use by area and postcode for the whole of the country.

“This is done to stop councils borrowing excessive amounts against land.

“The price per hectare in Colchester is £1.2 million and this site is just less than a hectare.”

Mr Short said campaigners’ were also concerned the details of the lease agreement, which will remain in place unless planning is refused at every stage, encouraged Alumno’s decision to appeal the planning committee’s rejection of the plans to the Secretary of State.

He said: “I do not think the council has done a good deal and Alumno are being encouraged to go through the appeals process.

“The council undercut their negotiating position by starting off saying they want Alumno to do the development, then asking how much they would pay for it.”

Arts aficionado Dorian Kelly, who helped spearhead campaigners’ efforts, said it was a positive move from the council to release the confidential lease details to the public.

He added: “We are glad the council has released the details which will go a long way towards informing us in preparation for the appeals process.”

Council bosses say the money would be used to invest in services and initiatives and Alumno’s £40 million development would also bring jobs and other benefits to the town.