BASINGSTOKE and Deane Borough Council’s property portfolio has been strengthened by the purchase of three new sites.

As part of the borough council’s property investment strategy, officers have been looking at properties to invest in where they can seek a financial return.

At the cabinet meeting on Tuesday, 10 July, members heard how the borough council is looking to secure residential investments as well as commercial properties.

Councillor John Izett, cabinet member for property and development, told the meeting that the new acquisitions were purchased for £14.5 million which will provide the borough with an additional £1.05 million worth of rental income per year.

The borough council believes that the investment in properties will support wider council initiatives and to provide for longer term redevelopment opportunities or to bring forward other socio-economic benefits.

Cllr Izett said: “Good progress has been made by officers in a relatively short space of time in investing council monies into commercial property assets located within the borough to generate higher returns and in accordance with the approved property investment strategy.

“Through acquisitions and asset management a target of generating an additional net income of £1.7 million per annum by the end of 2020/21.”

The three new properties which the borough council has acquired are an industrial warehouse in Armstrong Road, a long leasehold in Stroudley Road for £4,685,000 and a retail warehouse in Winchester Road.

As part of the strategy, earlier this year the borough council agreed terms on a conditional basis to deliver a new long-term investment in the form of a new 46,000 sq ft grade A office building pre-let to Eli Lilly on Basing View.