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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.

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