I note the contents of Cllr Patel’s letter (Centric Parade purchase will make us all money, Guardian, March 5).

Loans from the Public Works Loan Board were taken over by HM Treasury on February 25 who reserve the right to change the interest rates and calculations of such,without exception. Is the council prepared for this and what are the loan terms, is it interest only or are capital repayments made? Such loans are meant for capital projects not speculating and gambling on the property market, as both the Chartered Institute of Public Finance and the National Audit Office have made very clear. Was advice sought from these bodies, the council auditors or the Audit Commission ?

It reflects badly on the council’s policies and procedures that it was thought necessary to bypass normal protocols by establishing a small select group of three to handle property purchases of such magnitude .Do councillors not use group emails? Cllr Murray is right to question this.

It might be argued that there would be little competition from property investment professionals in the current retail climate as readers of financial pages will be well aware.

As a council taxpayer I wish the purchase success but I worry the returns are too low for the risks taken.

Michael McGough

Wellfields, Loughton