Sunny

Sunny

max temp: 18°C

min temp: 8°C

Search

Mid Suffolk agrees £3m pot for property investment

PUBLISHED: 09:30 15 October 2018 | UPDATED: 15:27 15 October 2018

Mid Suffolk District Council has signed off the £3m property pot Picture: ARCHANT

Mid Suffolk District Council has signed off the £3m property pot Picture: ARCHANT

Archant

Mid Suffolk District Council’s cabinet has given the final sign-off for a £3million pot dedicated to buying property in the district which becomes available.

Glen HornGlen Horn

Babergh District Council is also set to approve its £3m pot soon, with Mid Suffolk’s cabinet approving its fund last week.

It means that whenever any property becomes available that is considered an asset the council will be in a position to buy it.

It could include houses or retail and commercial builds.

Glen Horn, cabinet member for planning, said: “I fully support the ability to take options as and when they come, and the current model is not fast enough to do this effectively.”

A cap of £1.5m has been put on any single purchase.

Council bosses also confirmed that the cash would be used to invest in property in the district, and not for out-of-county opportunities like those purchased by CIFCO, the investment arm of Babergh and Mid Suffolk.

Most Read

Most Read

Latest from the East Anglian Daily Times

Hot Jobs

Show Job Lists