Southend dips its toe into commercial property
0Southend-on-Sea Borough Council has said it will begin to invest in commercial property.
In its draft capital budget proposal for 2019-20 published last week, it said it would look to invest up to £20m over the next three years.
Southend says its grant is being cut by 42% in April, and it joins a growing band of councils looking find alternative revenue sources.
In October, CIPFA announced it would tighten its guidance on commercial property investment, amongst growing concern about councils borrowing to invest
However, Southend’s investment is relatively modest and unlikely to raise too many worries over its proportionality – CIPFA’s prime concern.
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