Rushcliffe extend property portfolio with office and retail site investments
23 May 2018
Rushcliffe Borough Council has announced an extension to its property investments with the successful acquisitions of office and retail sites in Nottinghamshire.
The authority has now acquired the site currently let to Co-Op supermarket on Trent Boulevard in West Bridgford and the premises of Snowden Healthcare Ltd on Finch Close off Lenton Lane in Nottingham.
Both will realise an annual rental income of £135,000 providing local businesses with stability and security and the Council with a vital income stream as part of its Asset Investment Strategy.
Council Cabinet Portfolio Holder for Economy and Business, Cllr Andy Edyvean said the investments will help to keep some of its Council Tax levels the lowest in the county.
He said: “We’re very pleased to have acquired these sites and particularly one here in the Borough.
“By investing in property, this is a stream of income independent of the Council Tax it collects from residents living in the Borough.
“A business premises within the Borough also increases the income to the Council collected via Business Rates – all of which helps maintain a steady rate of Council Tax for our residents.
“We invest in Rushcliffe to support employment and skills, and we have now invested in the borough and Nottinghamshire as a commercial investment to support the Council’s finances going forward.”
The authority announced in October 2017 the acquisition of 20,000 square feet of prime industrial estate in Coalville in Leicestershire and continues to develop a long term relationship with the current occupier to maximise its return on this site.