Published: 7th Oct 2019

Brentwood Borough Council looks set to increase the amount of money it can invest in commercial property by £30m. Councillors are due to meet tomorrow (October 8) to discuss a report to increase the loan drawdown facility for its investment arm, Seven Arches Investments Limited. Seven Arches was created in 2018 with an initial loan facility of £30m. According to the report, the council company has used £13.5 million of this facility to buy two properties outside of the borough, leaving £16.5m remaining. The report states that it has ‘become apparent that this remaining amount drastically restricts’ the council’s ability to fund investments that ‘could make a significant contribution to the economic development of the borough’. The report therefore recommends increasing the loan facility by a further £30m, bringing the remaining total up to £46.5 million. It adds that there should be a greater focus on investments in the borough … (To read the full article, subscribe below)