Mansfield District Council rakes in almost £4 million selling council-owned property

Mansfield District Council has made almost 4 million in four years through the sale of council-owned property

Information published by thebureauinvestigates.com shows each of the 40 assets that has been sold, and how much the council has made.

The value of the assets sold between 2014 to 2018 was £3,941,296.

The most expensive asset sold was Plot 10A, Millennium Business Park, which was sold in December 2017 for £440,275.

Mansfield District Council’s finance chief defended a proposed increase in the amount of cash to be spent on investment properties outside the area from £55 million to £62m in January.

The council said money this represents less than 13 per cent of its investment portfolio, with the remainder in district. The authority says is about maximising its return on investment, to sustain services.

However, the strategy received widespread criticism for not investing the borrowed cash locally.

Your Chad also revealed how the cash-strapped councils' borrowing has increased by £20 million in just one year.

By the end of December, Mansfield District Council’s outstanding loans stood at £97.1 million, according to figures from the Ministry of Housing, Communities and Local Government.

Mansfield District Council borrowing increases by £20 million in a year

Mike Robinson council strategic director, said: "The council owns a variety of commercial properties and plots of land.

"It is important the council finds tenants or buyers for this property and uses for the land in order to generate income for the council to help pay for services. It also supports the council’s policy to encourage inward investment and jobs for the district.

“The council’s investment in a property portfolio is part of the council’s long-term financial strategy to create reliable income streams through rents as well as sales.

"Some of this property was sold under the council’s duty to dispose of land and property that is surplus to requirements.

"We are pleased the sale of these properties and land has generated £3.9m for the council since 2014 and this supports the council’s duty to maximise income returns to pay for vital services.”