Laura Sharman 12 December 2016

Wightlink ferry deal to generate £2m a year for council

An innovative new finance deal is expected to generate millions of pounds for Portsmouth City Council.

The council has signed a sale and leaseback agreement on the Wightlink Isle of Wight ferry terminal with international insurance company Canada Life.

The deal will enable the council to retain freehold ownership and control of the site, while generating income of at least £2m a year.

The council's property and investment manager, Tom Southall, said: ‘The deal we have signed with Canada Life will have no impact whatsoever on the service Wightlink provides.

'What it will do though is to allow us to use the capital we receive from Canada Life to invest through our property investment strategy, generating at least an extra £2m per year.

‘This deal has enabled us to more than double the amount of money we receive by way of rent from Wightlink annually.’

SIGN UP
For your free daily news bulletin
Highways jobs

PRINCIPAL TRANSPORT PLANNING OFFICER

Hull City Council
£43693 - £46731
We have an exciting opportunity for an experienced professional to join our team in Hull as a Principal Transport Planning Officer. Kingston upon Hull, East Riding of Yorkshire
Recuriter: Hull City Council

HIGHWAYS AND TRAFFIC ENGINEER - 4 POSTS

Hull City Council
£43693 - £46731
We have several exciting opportunities for suitably qualified Highways Civil Engineers and Traffic Engineers Wilson Centre, 1st floor, Hull HU1 2AG
Recuriter: Hull City Council

Strategic Director, Finance and Resources (S.151 Officer)

Blackburn with Darwen Borough Council
£110,799 - £120,706
Blackburn with Darwen is a distinctive, welcoming and vibrant borough with a strong identity and a genuine buzz about the place. Blackburn, Lancashire
Recuriter: Blackburn with Darwen Borough Council

Residential Worker, Edge of Care Service

Durham County Council
Grade 7 £29,093 - £32,654 PAY AWARD PENDING
Join a Groundbreaking Team Supporting Families in Seaham Salary
Recuriter: Durham County Council

Bikeability Cycling Instructor

Durham County Council
Grade 4 £24,790 to £25,992 pro rata (Pay Award Pending)
The Road Safety Team are keen to recruit additional Casual Bikability Instructors to join our team of instructors delivering Bikeability cycle trainin Durham
Recuriter: Durham County Council
Linkedin Banner