The Forest of Dean District Council has purchased an Industrial Unit as part of an overall investment strategy to generate revenue which will help to fund its financial challenges. This unit is based on the Lakeside Industrial Estate near Whitney in Oxfordshire and cost the authority £1.5 million pounds.
Commenting on the acquisition UKIP Councillor Richard Leppington who is Cabinet Member for Asset Management said;
“This purchase makes sound economic sense as the return on equity is equivalent to 6.45%. We have set aside £5 million in total for property investments on the basis that it will enhance our revenue returns, fulfil our capital strategy and meet the challenges in our medium-term financial strategy. We will continue to review the local market to identify further promising opportunities. Our focus for future investments will concentrate on the local market which demonstrates the commitment the Council has in the strength of the Forest of Dean’s future economic prospects.