At its meeting next Monday, the council’s cabinet will be informed of the proposal to sell off one of its properties.
According to a report to members, the council has followed an investment strategy in acquiring property since 2016. It has been highly controversial with many residents criticising the amount of debt the council has built up in the process.
“The council has acquired 17 investment properties,” it adds.
“Eleven are in Warrington, the other five are in the north west region. One was sold for a profit in 2024.
“The properties include distribution and logistics units, supermarkets, offices and industrial buildings and a small proportion of leisure and non-food retail.
“The assets are all producing rental income as forecast and occupation remains the same or higher than at the time of purchase for each asset.
“Since inception of the property investment strategy the net income to the council after all costs and overheads now exceeds £60 million.
“An exit strategy exists for each property asset considering disposal opportunities and timing to maximise any benefits to the council from market and economic conditions.
“The council is regularly approached by private investors regarding potential purchase of our investment properties.
“All formal approaches at or above market value are considered by the investment gateway board.
“The details of a proposal to deal with one aspect of this interest are set out in the Part Two report on this agenda.
“The proposal is considered to be best value for, and in the best financial interests of, the council.”
Furthermore, it says the ‘risks associated with this disposal’ are set out in the Part Two report.
The Part Two report is not public, and it will be discussed in private.
The cabinet is recommended to approve the proposal, as set out in the Part Two report.
It is recommended to progress the proposal as this is considered ‘best value’ for the council and in the ‘best financial interests’ of the council.