Property fund

Council to set up £50m property investment fund




Tandridge District Council has announced plans to set up a property investment fund of £50m to generate a significant revenue stream.

The Surrey-based council will also create a property investment company which will buy land or buildings up to a total capital value of £50m.

The income generated through the property purchases will be reinvested to provide services and fund projects to regenerate and enhance town centres in the area.

The investment company will be able to purchase properties outside of the district.

This represents a change to the council’s current strategy of buying assets within the district up to a total of £2m to generate rental income.

Cllr Simon Ainsworth, chairman of the council’s resources committee, said that reduced government funding meant it had to be innovative in finding other ways to reduce costs and generate income.

“This new approach to investment is part of our long-term financial planning to help the council become financially self-sufficient, while maintaining and improving services.

“This includes a desire to continue providing some of the discretionary services, such as the wellbeing prescription, which we know residents value.”

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