New Investment in Mole Valley
Mole Valley District Council Purchases 'Focal Point' in Leatherhead
Mole Valley District Council has purchased two office buildings in Leatherhead for £8.03 million as part of its income generation strategy, supporting the delivery of services to residents and businesses across the District.
Mole Valley District Council (MVDC) is committed to generating income to support services for residents and businesses. An experienced property team works on acquiring suitable assets, to deliver a rental income stream.
Councillor Charles Yarwood, Deputy Leader of Mole Valley District Council and Executive Member for Assets and Investments said, "By 2020, further reductions in Government funding may mean that MVDC needs to become entirely self-funding. The decision to invest carefully in commercial property is driven by the need to generate income to support our services. Owning and operating commercial property is not new to Mole Valley District Council, we have a sound Asset Investment Strategy that governs the quality of assets in which we invest.
"We are delighted that we have found an asset to purchase in Mole Valley that meets the criteria of our Asset Investment Strategy. Focal Point comprises two Grade A office buildings fully let to two global tenants in close proximity to Leatherhead town centre. There is strong demand for Grade A office space in Leatherhead and market evidence suggests opportunity for growth in rental income in this particular location.
"This purchase and others in or out of the District enable us to generate income to spend on services. Councils across the country are looking at ways of becoming more commercial and property investment is a long term, stable option.
"We do not limit our search for suitable investment properties to Mole Valley; when the right property comes available we assess it carefully. We have robust criteria that a potential purchase must meet before it is considered and a cross party group of Councillors work together to consider the potential opportunities as they are found."
For more information on Mole Valley's Investment strategy please see - www.molevalley.gov.uk/propertyinvestment