Published: 15th Jul 2019

Torbay Council looks set to boost its property investment fund by £100m – to a total of £300m – to raise extra income for the cash-strapped local authority. Councillors are due to meet later this week (18 July) to discuss a report on increasing the £200m Torbay Council Investment Fund, which has already been in place for 20 months. According to a council report, the purpose of the fund is to generate income which can then be used to help fund local services. The report states that £186m has already been committed to buy a ‘diverse range of investments in a range of different sectors and locations’. After the loan repayments and after a contingencies allowance have been made, these investments have generated £2.9m of additional revenue in 2018/19, rising to £3.3m in 2019/20. The report states that once all of the current commitments are complete and assuming a full … (To read the full article, subscribe below)