Published: 28th May 2019

Mid Sussex District Council has bought two retail units in a deal worth £5m to generate income for the local authority. The council has agreed a deal to purchase the freehold of two retail warehouses on London Road, Burgess Hill, one of which is currently occupied by Halfords. The second is currently vacant following the closure of Carpetright, but the council is already in negotiations with a leading gym operator to take over the lease of the second unit. Many other local authorities have also bought commercial properties in recent years in a bid to make up the funding shortfall from central government. The 2019 State of Local Government Finance Survey, which was published in February by the Local Government Information Unit think tank and the Municipal Journal revealed 55% of councils are considering buying investment properties and using them as a source of income. In November last year, West … (To read the full article, subscribe below)