Frontline services across Leicestershire are getting millions of pounds of investment from money generated by the county council’s commercial property investments.
New figures show that the council generated £7.1 million from its properties and land over the last year – slightly up on the previous 12 months.
The overall value of the portfolio increased by £39 million during 2019/20 to £171 million.
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That included £22.5 million of rural estate, £51.2 million of office/commercial estate, £4.4 million of other property together with £47.6 million of development properties, plus around £45 million of other investments.
It plans to increase its investment over the coming years.
County Hall said overall, its property investments produced a net return of 6.2 per cent compared to the bank base rate of 0.3 per cent.
Councillor Byron Rhodes, cabinet member for finance and resources said money made will go towards fixing and preventing potholes, delivering social care for adults and children, and other frontline services, helping to mitigate some of the demand pressures facing critical services.
He said: “It is very encouraging to see that our portfolio of properties is thriving and performing better than the industry average.
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“This continued good performance allows us to fund important services at this particularly difficult time with Covid-19 putting additional burdens on our finances.
“Our approach of bringing new life to old commercial sites and building new workspaces is creating hundreds of jobs and boosting the economy.
“Crucially, it means we can invest money into vital frontline services, maintaining our roads, bringing down the inconvenience to people who use them, and explore how we can bolster social care services, supporting vulnerable people.”
Land and units are bought using one-off pots of money and the council’s property portfolio includes:
A new 100,000 sq ft building at Loughborough University Science and Enterprise Park –which will be a new headquarters for national tech firm The Access Group. It will create 500 jobs when it opens in November.
Apollo Business Park in Coalville – offering 40,000 sq ft industrial units and creating 120 jobs. Eight units have been let, with another four under offer.
Airfield Business Park in Market Harborough – the council expanded the site by 80,000 sq ft to offer industrial units to let, creating more than 200 jobs. Eight out of the 12 units available have been let, with another two under offer.
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Quorn solar farm – plans to build a 62-acre solar farm, alongside 45,500 sq ft of small business units have been submitted for approval.
The council has said it wants its developments to be as sustainable as possible, with the aim of producing zero carbon in the construction phase and once up be as energy efficient as possible as part of a pledge to be carbon neutral by 2030.