Archive

Prime retail premises in High Street purchased by Sutton Council

Sutton Council has just purchased 71-81 High Street, a large retail block in the heart of Sutton, for £11m. The site is an attractive block of prime retail premises, constructed in 1994, with current leaseholders Waterstones, Peacocks, HSBC, The Works and Maplin.

Sutton Council manages a portfolio of land and buildings on a commercial basis as part of its Property Investment Portfolio as agreed by all members of the Strategy and Resources Committee. This activity helps generate funds to support vital council services at a time when central government is making unprecedented, severe cuts to local authority finances.

The net income to the council  after costs is £285k per year initially, with the potential for further growth in future years.  

Cllr Simon Wales, the Council’s Deputy Leader and Lead Member for Resources said:  “We always judge each sale or purchase of property on its commercial merit, and the purchase of this prime retail site is a good deal for Sutton.

“Overall this deal exceeds the two per cent net return criteria agreed by the Council for property investments.

“The current climate of local authority funding is such that we have to exploit every commercial opportunity to help provide the services which our residents have come to expect.”