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Bradford Council has acquired retail space at Ilkley centre for £6.25m, as part of its investment strategy.
As reported on The Business Desk website, the council has bought two adjoining properties, the Moors and Dalesway House, in the heart of the town centre as part of a “major strategic investment,” which is looking at alternative ways to generate revenue to support much needed council services.
The properties are well known landmark buildings on a prominent site adjacent to Ilkley’s main council owned car park. Both are fully let and house a range of national retailers and independent businesses.
Dalesway House was built in 1986 and comprises five retail units along with offices above. The Moors was constructed in 1990 and is made up of seven retail units, as well as a restaurant, a pub and a gym.
The properties, which are an investment of over £6.25m for the council, are expected to continue to generate a healthy rental income each year which can then be spent on council services.
Council leader, Councillor Susan Hinchcliffe, said: “Local authorities across the country are facing difficult and financially challenging times. Making investments like this one help us to continue to generate income which ensures we can keep on delivering vital public services for all our residents.
“The Council is only acquiring the buildings, it will not affect the businesses who operate from there, so people won’t see any difference to the retail offer from these buildings. Ilkley is a fantastic town in our district and we’re delighted to be able to invest locally in such a successful part of Bradford district.”
Bradford council said that when it decides to make acquisitions of this kind it works alongside appropriate professional services to ensure that such investments are financially viable and appropriate. It added that an Investment Advisory Group, which includes both executive and opposition members as well as senior officers, ensures due diligence is undertaken on any proposed investments before a decision to invest is made.
The council has previously purchased the NCP car park on Hall Ings in Bradford city centre as an investment, which it said was also generating a healthy financial return in the form of rental income, whilst also giving the council ownership of a key site within the city centre.