WE'VE let another trading unit to generate tens of thousands of pounds extra for local services.
The 10-year deal has been signed with a subsidiary of the UK's largest builders' merchants Travis Perkins for nearly 17,000 sq ft of warehouse space in City Park, Leeds - an industrial estate we bought for £13.75m in December 2016 as part of the property investment portfolio.
Leader of the council Cllr Donna Jones said: "This is yet more evidence of the success of our property investment strategy and of its ability to generate increasingly large amounts of money for local services.
"The industrial, retail and commercial properties we have bought are bringing in rental income to the tune of £6.6m every year for the council and it's this level of income generation that helps us to protect the things that make a real difference to people's lives like libraries, school crossing patrols, museums, weekly rubbish collections and community wardens.
"This latest letting announcement comes just a week after we took possession of Portsmouth Retail Park - a major new development we have built in North Harbour which is now welcoming more nationally significant traders, retailers and businesses at the same time as boosting jobs and the local economy and bringing in £1m per year more to benefit Portsmouth residents.
"We hope that all of the traders in Portsmouth Retail Park will have their units open in June this year."
Director of Regeneration Tristan Samuels said: "Our entrepreneurial approach to income generation has won industry recognition a number of times over the last six months and this is another great example of how a local authority with a strong commercial approach can have a positive impact on the quality of people's lives.
"Last year our property and investment team was named 'Real Estate Team of the Year' at the South Coast Property Awards, our new development at Dunsbury Park was named 'Business Park of the Year' at the same award ceremony and just last week global real estate media group CoStar listed us as Portsmouth's second best industrial dealmaker of the year for our swift and successful leasing of even more brand new manufacturing and industrial units we built at Limberline Spur, in Hilsea Industrial Estate. We feel this deal shows that we will continue that trend and that we will continue to generate income for the city."
The council has made a total of 11 purchases as part of its property investment strategy.
Click here for full details on the purchases and more information about the strategy. You can also call 023 9283 4349 or email CommercialPropertyToLet@portsmouthcc.gov.uk to find out more.