Test Valley Borough Council earns £1.68 million through properties
The authority's been investing in buildings since 2014
£1.68 million of income has been generated for Test Valley Borough Council in just one financial year, through their property investments.
The authority's been building a portfolio since 2014, making purchases with the aim of a financial return.
They've bought up sites in Andover and Romsey, with the benefit of the whole borough.
By the end of 2022/23, a total of £36.833 million had been invested in 12 projects.
All investments were made using existing council resources and no external borrowing's been required.
Leader of Test Valley Borough Council, Cllr Phil North, said:
“We have been extremely cautious in how we have been investing in properties over recent years and have made sure any decisions we make will have huge upside for both residents and the council. The additional income we have generated over the last financial year alone shows that Project Enterprise has been a success.
“It’s a tough time for local authorities across the country and these investments have meant that we remain one of the more financially secure councils. We will make sure that all decisions we make continue to be carefully considered and planned.”