This passage didn’t get much noticed at the time, in a report to Cabinet March 2015:

‘The market value of the Honiton new build is estimated to be £3.25m in 2017 and Exmouth Town Hall had a site value estimated in 2013 as £0.9m. The sites are determined primarily on the basis that they make better financial sense than the Knowle and are located for operational rather than investment purposes.’

This appears to confirm that the value of the new build is much less than the cost of its construction. Way less. Only £3.25 million, forward dated to 2017. So about £8 million less than the cost of build. Plus, don’t forget that the Honiton site, with or without the Business Centre, is worth at least £0.75 million, so the added value arising from construction, costing £11 million, is £3.25 – 0.75 million. Just £2.5 million. What a terrible investment.

Moreover, the sentence, presumably composed by Richard Cohen, seems to suggest that the Town Hall will not receive any benefit from the refurbishment, as it is deemed to have only ‘site value’ at £0.9 million.

Councillors … wool … eyes … pulled over?