by prestwichfocus on 5 October, 2017
There has been a small amount of press coverage over the last year or so about Bury Council buying property outside of the Bury MBC area. At the last meeting of Bury’s Full Council the Liberal Democrat Group of Councillors tabled a formal written question on this issue.
The answer shows that since 2015 Bury Council has bought the following properties outside of Bury:
Prezzo Restaurant, Lytham St Ann’s
Purchase price: £1,010,000
Current annual revenue generated: £60,000
Capita Regional Office Headquarters, Huddersfield
Purchase Price: £2,300,000
Current annual revenue generated: £150,000
Bakerie Restaurant and My Dentist Surgery and Regional Training Centre, Northern Quarter Manchester
Purchase Price: £2,560,000
Current annual revenue generated: £163,500
Prezzo in Lytham St. Annes, a building owned by Bury Council….
The Council’s logic behind commercial purchases is that the return is higher than normal bank interest – typically around 0.25 to 0.50 percent at present.
Our concern is that this investment is nearly £6 million of Bury Council money invested OUTSIDE of Bury. Surely there are areas of Bury that could be invested in, including kickstarting new developments, that would still provide a good level of return for the Council AND improve our local area.
What are your views on this issue?3 Comments