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Answers to Questions: Council Assets outside of Bury

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

3 Responses

  1. Lucette Tucker says:

    I still have sore knees and a bruise on my arm from a fall on 3 May, when I caught my foot in a raised paving stone. I did not sue the Council but I would be interested to know how much the Council has paid out for people tripping on the pavements/roads of Bury in the last, say, three years and how much could be saved if monies were invested in roads and pavements?

  2. Jenny Garner says:

    It is disgraceful the council spend our money on commercial property outside the area. what are they thinking about.
    Stop this madness now.

  3. Peter Cope says:

    The money should be spent to lessen cuts.to services in Bury.

    Use some of it to implement road repairs.

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