TOWN Hall chiefs at Warrington are being urged to sell-off one of the 17 investment properties the borough council has acquired since 2016.
A report to be presented to the council’s cabinet next Monday , February 12, says the authority has been approached by a private investor interest in purchasing one of the properties for a figure “significantly larger” than the council paid for it.
Details of the property and the amount involved are not disclosed in the open part of the meeting.
But the council has acquired 17 investment properties, 11 of which are in Warrington and six of which are in the wider North West region.
The report, to be presented by Cllr Denis Matthews, Warrington Borough Council cabinet member for corporate finance, says the sale would generate a a capital receipt significantly larger than the council paid for the property and risks associated with the property around the tenant covenant strength and break clause would be removed.
The capital receipt could be used to generate a revenue stream to replace the lost rental income following the sale.
Risks associated with the disposal of the property are set out in the private part of Cllr Matthews’ report.
The properties acquired by the council since 2016 include logistics units, supermarkets, offices and industrial buildings and small proportion of leisure and non-food retail units.
