District Council Purchase Wickes Building On London Road, Burgess Hill For £6.3 Million
14th November 2018 |
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.
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.
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,
Johnathan Ash-Edwards (left) Garry Wall (second left)
|Spread the word, the freehold of Wickes in Burgess Hill is now in public ownership
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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?