Laura Sharman 25 September 2020

Corporate property generates £5m for Ashford BC

Corporate property generates £5m for Ashford BC image

Corporate property generated £5m for Ashford Borough Council in the past year, an annual review has revealed.

The report shows the council's corporate property portfolio made £2.41m surplus during the 12 months up to 31 March 2020, up £550,000 on the previous year. The increase has been attributed to income from new assets and reduced liabilities in older assets.

The report did warn though that the coronavirus pandemic was likely to have an adverse impact on future returns.

Cllr Paul Clokie, the council's portfolio holder for corporate property and projects, said: 'We have to accept that because of COVID, the council will face rental income reductions, however officers are working hard to reduce the potential impact on the authority’s finances.'

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