Council to invest extra £5m in property portfolio

According to a Cabinet report due to be approved on Thursday the authority’s existing portfolio of investments is valued at around £30m, which produces a return of £2.5m.

Once allocated any decision on individual investments would be made by the cabinet member for finance following consultation with the council’s Property Investment Advisory Group.

Although the council expects to generate £5m of capital receipts when the sale of its former offices in North Street is completed the two sums are not related.

A spokesperson for Horsham District Council said: “The £5m budget for the property investment is not related to capital receipt in Park North and North Point. As stated in the report, the projected return on any property investment will need to cover borrowing costs.

“We have exchanged contracts on the sale of Park North and North Point with completion planned for the beginning of October.

“No specific commercial property triggered the report, it reflects our desire to increase our income to help deliver outcomes for residents as our funding from government reduces.”

HDC moved into Parkside, in Chart Way, with West Sussex County Council last month.

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