William Eichler 04 December 2015

Council’s new property company projected to raise £600,000 per year

A Somerset council has agreed to proceed with plans to set up a new property company that they project will raise £600,000 per annum by 2019.

The company will enable Bath & North East Somerset Council to operate as a commercial landlord and rent flats above council-owned shops. It will also be able to consider potential developments on land it owns.

The council’s cabinet predicts the move will potentially generate £600,000 each year up to 2019, and over £1.5m within 10 years.

The new company is part of the council’s four-year financial plan, designed to generate income and protect frontline services from cuts.

The council also hopes the new company will help to improve the supply, quality and quantity of private rented housing.

Leader of the council, Cllr Tim Warren, said: ‘These plans are about finding creative ways to bring in new income for the council, and meet with two of the cabinet’s top six priorities: creating new homes and jobs, and increasing efficiency so that we can better protect vital services.’

‘This innovative idea’, he continued, ‘is at a very early stage and we expect more opportunities to be identified over the coming months. Throughout the process we will be making use of private sector skills and expertise.’

SIGN UP
For your free daily news bulletin
Highways jobs

Payroll Administrator

Northumberland County Council
£20,444 - £22,129
Northumberland County Council operates a huge range of services across one of the largest counties in the UK. Northumberland
Recuriter: Northumberland County Council

Specialist Advisory Teacher - Developmental Language Disorder

Cumbria County Council
Teachers Pay and Conditions
An exciting opportunity has arisen for a new colleague, who is a qualified teacher, with expertise and experience of developmental language delay. Penrith, Cumbria
Recuriter: Cumbria County Council

ASYE Occupational Therapist - Long Term Intervention Team Kendal

Cumbria County Council
£28,226 – £29,174
We are looking for newly qualified Occupational Therapy professionals, who are passionate about their vocation and would like to join our team. Cumbria
Recuriter: Cumbria County Council

Social Worker - Long Term Intervention Team

Cumbria County Council
£31,895 – £32,798
Following an exciting and ambitious programme of change within Adult Social Care. Cumbria
Recuriter: Cumbria County Council

Strategic Communications Executive

Lancashire County Council
£30,095-£34,373
Do you believe in the power of communications to bring about change? Preston, Lancashire
Recuriter: Lancashire County Council

Partner Content

Circular highways is a necessity not an aspiration – and it’s within our grasp

Shell is helping power the journey towards a circular paving industry with Shell Bitumen LT R, a new product for roads that uses plastics destined for landfill as part of the additives to make the bitumen.

Support from Effective Energy Group for Local Authorities to Deliver £430m Sustainable Warmth Funded Energy Efficiency Projects

Effective Energy Group is now offering its support to the 40 Local Authorities who have received a share of the £430m to deliver their projects on the ground by surveying properties and installing measures.

Pay.UK – the next step in Bacs’ evolution

Dougie Belmore explains how one of the main interfaces between you and Bacs is about to change.