Basingstoke and Deane Borough Council is looking to acquire £30 million worth of property investment assets to enhance its revenue streams.
The council has a property portfolio of around £240 million with net income of approximately £16.5 million from a range of commercial investment properties within the borough.
Cushman & Wakefield has been appointed by the council to seek suitable property investments.
Basingstoke and Deane Borough Council’s Cabinet Member for Property and Development Cllr John Izett said: “Enhancing the council’s long-term financial stability is a key priority to maintain good services for our residents. This comes at a time of severe pressure on council finances, not least from reductions of government grants and continued low returns from investments in gilts and bonds.
“To counter this the council is identifying new and sustainable income streams including the acquisition of high quality property investments. The council has committed to investing an additional £30 million in property and we have instructed Cushman & Wakefield to advise us on this important project.”
Nick Allan, Investment Partner at Cushman & Wakefield, who is leading the on the council’s property investments, said: “We are delighted to be working with Basingstoke and Deane Borough Council on this key priority. The initial focus is on assets within the borough that meet defined investment criteria and which complement the existing portfolio’s profile, although opportunities across a wider area will also be considered.”
