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Council set to invest millions in commercial property

Joint venture with Greenham Common Trust will generate long term income for council

Dan Cooper

Reporter:

Dan Cooper

Contact:

01635 886632

Council tax set to rise by four per cent from April

WEST Berkshire Council is in discussions with the Greenham Common Trust (GCT) to enter into a multi-million pound joint commercial property venture as it looks at ways to generate long-term income.

Talks are under way to finalise a plan that would see the council invest capital funds alongside the trust to purchase commercial property.

The council says that all the income generated will be spent in West Berkshire to protect the council’s frontline services and  Greenham Common Trust’s charitable activities.

Full details of how much the council and GCT are investing is expected to be made public after councillors are briefed later this week.

James Fredrickson, West Berkshire Council’s executive member for corporate services and external affairs, said: “In light of the savings the council has made, proactively taking advantage of low interest rates to invest in a joint commercial venture is a sound way to generate income.

For more see this week's Newbury Weekly News.

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Article comments

  • Patzie

    21/10/2016 - 12:12

    Greenham Common Trust closed Liberty Ballroom because they couldn't make an already going concern earn more money. With a little more thought the premises could have been used as conference centre - wedding venue - exhibition hall but they don't have that kind of business acumen. They couldn't even make money out of asset stripping the place - who will be accountable when WBC is left bankrupt. (Perhaps they will persuaded the WBC to approve planning permission 'change of use' on a certain cow shed that they have an interest in on the Newbury show ground?)

    Reply

  • Oldmoaner

    20/10/2016 - 18:06

    These councillors are like children in a sweet shop, what can we spend our pocket money on next, you have been good kids and saved £18 million on essential and needed services so here is a few million for you to play with. For West Berkshire’s sake grow up, businesses are leaving the area daily due to your policies if you want to spend money, come up with answer’s that attract the businesses before wasting money on property. Is the council’s idea to buy the commercial property and then convert it to flats maybe even the Bayer building, just another step in the Newbury open prison development?

    Reply

    • NewburyLad

      20/10/2016 - 19:07

      "businesses are leaving the area daily"..... OK can you name some please, say in the last 20 days.

      Reply

  • philjay

    20/10/2016 - 14:02

    This will turn out to be another boondoggle. Councils know nothing about commercial property and at present this market is dropping (partly as a result of council decisions). Someone is going to sell off some unwanted property to them and saddle the ratepayers with another drain on funds. Councils should stick to their area of expertise although in the case of WBC it would be hard to work out what that is.

    Reply

  • grumpy

    20/10/2016 - 08:08

    I thought they were cash strapped ?? And commercial property is such a good investment !?? I don't think so. How many commercial buildings / offices are empty or are being converted into flats ?

    Reply

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