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£250K to rent a unit in a shopping centre


201p

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9 minutes ago, sleepwello'nights said:

You never know when the local authorities have enough commercial and retail property they might turn their attention to residential property.

Isn't the provision of residential property by local authorities a purpose some posters think should be one of their main functions. 

Their main purpose to to free large and medium size businesses from onerous leaseholds when they don't to play anymore and also to buy empty real estate for top dollar so we don't get homeless bankers.Peasants not having a roof they can live with.

8 minutes ago, darkmarket said:

Local government types didn't all come up with this themselves either, it's obvious there's someone helping them along. I suspect at that level there's less obliviousness.

The professional classes are indeed sat at home, as are teenagers and pensioners. The Sunday Times did a piece on Oxford Street's plans to become a kind of entertainment and leisure resort similar to the re-purposing of Chinese malls recently but proposed as a tourist destination. They've given up on the local population for demand, so it seems less charming cities will end up with much less than nothing.

Me and Mrs P are a root cause of Leicester's decline as we;re frugal and shop on Amazon because loading the kids into the car and paying £3 for two hours parking seems futile whn you can order it in three minuted on your phone from home.

 

Edit to add-I must stop psoting on here nad do my work.

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sleepwello'nights
19 minutes ago, sancho panza said:

Their main purpose to to free large and medium size businesses from onerous leaseholds when they don't to play anymore and also to buy empty real estate for top dollar so we don't get homeless bankers.Peasants not having a roof they can live with.

 

Edit to add-I must stop psoting on here nad do my work.

Basingstoke and Deane Borough Council have a large portfolio of commercial property. I haven't looked at their accounts but they claim that the profits are used to keep down the cost of council tax. The portfolio has been owned by the council for a long time so I'm sure it must make a positive financial contribution.

Last post till lunch time as like you I should attend to some tasks.

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17 minutes ago, sleepwello'nights said:

Basingstoke and Deane Borough Council have a large portfolio of commercial property. I haven't looked at their accounts but they claim that the profits are used to keep down the cost of council tax. The portfolio has been owned by the council for a long time so I'm sure it must make a positive financial contribution.

Last post till lunch time as like you I should attend to some tasks.

And that might be true as long as they're in profit on the trade,then the losses will get added to council tax bills.

There will be one or two councils of the many hundreds that make a profit.I suspect msot will use any profit to leverage up into more 'assets' regardless of cash flow risks.

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I'm all for LAs thinking more as entrepreneurs but investing in commercial real estate is not what they should be doing.  The average council tax payer has no idea we are all on the hook for any losses they incur.  Do you think they realise values may fall as well as rise?

I knew a lot of what we pay in council tax goes to pay LA pensions which is bad enough but this is another ball game altogether.

 

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This is a real issue, and the tax payer will foot the bill when these reckless investments go up in smoke. Heads should roll, but unfortunately unlike the poll tax riots in the past, the MSM will most likely have a media blackout to placate the masses. 

In this example in the area I grew up in, £53m for this retail park is ridiculous. Due to the location and having to drive there, the last time it was popular was in 1990 when it was an indoor water park. Then when that closed down the main attraction was a nightclub in the heydays of the late 90’s that put on a free bus to get punters in.

https://insidecroydon.com/2018/11/01/council-pays-53m-to-buy-unloved-colonnades-centre/

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