BOROUGH Council chiefs will be asked on Monday to approve the purchase of two properties in Warrington in line with their policy of increasing property income by £200,000 a year until 2020.
Details of the properties involved are currently confidential and will be discussed in the closed section of a meeting of the council’s executive board.
But in a report to be considered by the board, deputy leader of the council Russ Bowden seeks approval to acquire the properties for economic regeneration and financial investment purposes.
He says the proposals are supported by the council’s property investment strategy and seeks to deliver the authority’s ambition to become financially sustainable through longer term planning.
The property acquisitions would be invest-to-save schemes, generating a commercial return to the council.
Cllr Bowden say acquiring the properties would provide a secure net income stream for the council, economic regeneration, open up opportunities for future regeneration and enhance the council’s position as a major land owner.
The council would also be seen to be acting proactively to influence the growth of future development of the town.
The purchases would be funded by prudential borrowing.
Council set to buy “invest to save” properties
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