Taking action to secure long-term funding for public services

'Excellent opportunity to generate long-term rental income, which can then be invested in the public services we provide for our residents'

 

Release date: 20 November 2018

The county council is taking action to secure new, long-term funding sources for the services it provides residents.

Faced with reducing funding from central Government grants, and in common with other local authorities, the county council has had to identify alternative, long-term funding sources. With this in mind, it has purchased CC3 Churchill Court, Manor Royal, Crawley, for £11.25million.

The recently-refurbished building comprises 27,309 sq ft of flexible, grade-A office space across two floors and has a long-term tenant.

Jeremy Hunt, county council Cabinet Member for Finance and Resources, said: “This purchase represents an excellent opportunity to generate long-term rental income, which can then be invested in the public services we provide for our residents.

“Central Government has reduced its grant to local authorities, so we have had to find other funding sources. We prudently set aside capital monies to invest in commercial properties, such as Churchill Court, which are already let to high-quality tenants on long leases.”

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