IT HAS cost the taxpayer nearly £10million and has been hailed as "significant step forward for regeneration".

But a major office building in Ashford has seen just eight new businesses move in since being bought by a regional economic quango two years ago.

SEEDA, the South East England Development Agency, bought International House, the eleven-storey office block close to Ashford station, for £8.2million in 2004.

Since then, it has spent another £1.1million completely refurbishing three of the top floors and improving facilities on the first and second floors.

But after spending more than £60,000 marketing and promoting the building, the number of new companies taking up office space in that time is eight, bringing to 19 the total number of businesses.

SEEDA, a publicly-funded quango that aims to boost the region’s economy, has insisted the amount it paid for International House represented good value for money and reflected the state of the market for office accommodation at the time.

* Full story in this week's Kentish Express.