Council spends £4.4m leasing industrial units
THE city council has spent £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.
Most Popular
-
1
Portsmouth Traffic: M27 between junctions 11 and 12 closed throughout August amid footbridge repairs with A27 diversion in place
-
2
Police update over alleged violent gang rape of woman at address in Portsmouth
-
3
Portsmouth man found fatally wounded in Edinburgh is named as Wayne Elliott, 53
-
4
Red Arrows: Exact time famous RAF jets will fly over Hampshire this week including Odiham, Alton, Bordon and Petersfield
-
5
Hayling Island's beloved kitesurfing festival cancelled after council bailout is refused
‘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.