News round-up: Surrey Heath spend £100m on property, public contracts crackdown, Havering JV, pothole bill surges
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Surrey Heath brings property spending above £100m
Surrey Heath Borough Council has bought the freehold of a retail warehouse and industrial estate for £15.25m. The purchase brings the councils property investments to £103.6m after the recent purchase of property in Camberley town centre. The most recent deal saw the council buying two phases of Albany Park Industrial Estate in Frimley from Schroder UK Real Estate Fund in a deal funded through borrowing from the Public Works Loan Board.
Corbyn promises public contracts crackdown
Labour leader Jeremy Corbyn has proposed reforms to public sector contracting to encourage greater equality. In a speech this week, Corbyn said that salaries paid by private firms delivering public contracts should be linked to a multiple of the lowest earner. He said: “It cannot be right that if companies are getting public money that that can be creamed off by a few at the top.”
Havering investigates property joint venture
London Borough of Havering is in discussions with developer First Base to create a joint venture to deliver 840 new homes. The plans for Romford town centre would also see a mix of workspace and community amenities, plus a bridge linking the site to Romford rail station. Romford town centre was designated a housing zone by former London mayor Boris Johnson in March last year.
Pothole bill set to surge
The repair bill for potholes in England and Wales is set to rise to £14bn by 2019, according to the Local Government Association. The LGA is calling on the government to invest £1bn, raised through investing 2p per litre of existing fuel duty into mending roads. Martin Tett, LGA Transport spokesman, said: “It is wrong and unfair that the government allocates almost 40 times more to maintaining national roads, which it controls, compared with local roads, which are overseen by councils. It is paramount this funding discrepancy is swiftly plugged.”
Isle of Wight ponders energy investments
The Isle of Wight Council is this week considering proposals to invest £210,000 in a local energy company joint venture. The deal would see the council establish an energy company with Isle of Wight Energy. The council is also considering a further £200,000 investment in a community energy exchange on the island to serve local energy supply companies.
