Mark Whitehead 15 January 2019

Essex council to invest £20m in commercial property

Southend-on-Sea Council is set to invest £20m in commercial property in a bid to replace cuts in central government funding.

It says income from commercial property will be reinvested to prevent bigger rises in council tax and cuts to jobs and services.

The draft budget being put to the Tory-controlled council next month includes £18m to renovate the seaside town's pier and £26.3m to improve roads and pavements.

The investment plan follows a warning by financial experts CIPFA against local authorities exposing public funds to 'unnecessary or unquantified risk.'

Last year the Government warned it would take steps to prevent 'excessive commercialisation' which has led to councils spending £4.1bn on commercial property in the last four years, although local government minister Rishi Sunak recently denied this amounted to a crackdown.

Southend council leader, John Lamb, said: 'We are not going to make a fly-by-night decision on the investments.

'This is done carefully to see if it worth investing and whether we will get a return, whether it makes sense and how the market is.

'If the Government doesn’t want us to make these investments so we can secure our services then they must stump up the money to make sure we can do it through them.'

SIGN UP
For your free daily news bulletin
Highways jobs

Community Facilitator level 1

Royal Borough of Greenwich
Scale 5 - £31,524 to £32,931
We are seeking to fill a number of roles to help us deliver our new vision for Health and Adults Services (HAS) Greenwich, London (Greater)
Recuriter: Royal Borough of Greenwich

Personal Advisors

Royal Borough of Greenwich
£38,934 - £40,755
This is a rewarding, challenging and essential role, in our support of young people Leaving Care. Greenwich, London (Greater)
Recuriter: Royal Borough of Greenwich

School Crossing Patrol Officer - Ivy Chimneys School

Essex County Council
Up to £13.00 per hour
School Crossing Patrol Officer - Ivy Chimneys SchoolPermanent, Part Time£13.00 per hourLocation
Recuriter: Essex County Council

Director - Corporate Services

Teignbridge District Council
£93,688 - £100,549 per annum
Develop your career with a forward-thinking authority based in an attractive part of South Devon. Newton Abbot, Devon
Recuriter: Teignbridge District Council

Operational Support Officer

North Yorkshire Council
£29,064 - £31,537
We are recruiting Operational Support staff within our growing Housing Standards Team. Harrogate, North Yorkshire
Recuriter: North Yorkshire Council
Linkedin Banner