Council spends Â£4.4m leasing industrial units
THE city council has spent Â£4.4m on buying the leases of two old industrial units '“ the latest in a series of property buys.
As part of its commercial investment portfolio, Portsmouth City Council has purchased the leases of the units in Limberline Spur, Hilsea.
The council built new manufacturing and industrial units and the first tenants have now moved in.
Mathew Froggatt, of start-up business Kitchenlab UK, said: ‘The quality of these units and the whole development is just amazing.
‘It’s great for our business for us to be here and for us to be able to bring customers to such a great venue.
‘Everyone who comes to see us here is impressed with the location, with the way it looks and with the way it works.’
Leader of the council Donna Jones visited the new council tenants and businesses who have taken some of the 22 units.
She said: ‘We’re doing everything we can to boost the local economy, to create more jobs and, importantly, to generate new income for the council.’
The development cost £4.4m and the total rental income from the scheme, once all units are occupied, will be in excess of £250,000 per year.
In September last year, the authority bought a Mercedes dealership at Southampton Airport for £8.75m.