Published: 4th Feb 2020

South Hams District Council has bought a commercial property in Dartmouth, including a Marks and Spencer foodhall and flats, for around £5m. A report which goes before the council’s executive on 6 February confirms the local authority has purchased the property for £4.7m, plus £300,000 in costs. According to the report, the purchase was funded through long term Public Works Loans Board borrowing with both the principal and the interest being repaid fully over the 50-year life of the building. The building contains a 2,575 square foot M&S Foodhall, plus eight flats. The report states it will generate a net income of around £60,000 a year for the council. It also adds that the purchase in line with the council’s commercial investment strategy, which aims to support regeneration in the district and the South West region. ‘An investment opportunity was presented to the council that met the strategy,’ the report … (To read the full article, subscribe below)