District Council Purchase Wickes Building On London Road, Burgess Hill For £6.3 Million
14th November 2018 | By Peter Chapman
Mid Sussex District Council have made a commercial property investment by purchasing the freehold of 256-269 London Road which is currently home to Trade & DIY giant Wickes.
![](images/wickesfb.jpg)
The council had to agree to raid two other pots of money - £1.1m from the Capital Receipts Reserve and £1.6m from the General Reserve - to go with £3.6m from the property fund in order to make the purchase.
The council will receive a yearly rent of £325,000 from the current tennant with the income being used for the council's operational budget - the more money they can generate from investments like this reduces the need to increase our council tax bills.
![](images/wickes01.jpg)
Speaking at Monday's cabinet meeting following the successful completion of the deal, council leader Garry Wall said: The successful commercial property purchase has a very positive impact on the budget 'in-year' and will enable us to use that money to provide all those services that we are committed to and can be delivered properly.
Jonathan Ash-Edwards, cabinet member for Economic Growth said: This purchase demonstrates the ability of this council to be a good purchaser and to be able to make those decisions in a sensible and prudent way in order to provide the income this council needs in the long-term to provide public services for local people,
![](images/20181114-msdccabinet.jpg)
Johnathan Ash-Edwards (left) Garry Wall (second left)
Spread the word, the freehold of Wickes in Burgess Hill is now in public ownership
|
Got an opinion on this story? Leave a comment below.....
What do you think of Mid Sussex District Council paying £6.3 million to purchase the freehold of Wickes in Burgess Hill. Could they have spent the money on something better, like a new civic hall for the town?
|