Investment opportunity identified to raise income
24th February 2017
Categories: Latest News
Torbay Council has purchased a prime retail park in Torbay as part of a long-term investment strategy to promote the local economy and generate income.
The council has purchased the freehold of the 47,800 square foot prime retail property at Wren Park, which is home to the large retail stores Next, Mothercare, Outfit and Boots for an undisclosed sum.
In September 2016, the council created an Investment Fund with the purpose of acquiring opportunities and investments which will deliver benefits for the area whilst also generating a profit. This long term income stream will help fund essential council services.
In December 2016 Council approved the proposal to acquire Wren Park.
TDA continually review the market to identify investment opportunities on behalf of Torbay Council. The TDA acted for them during the acquisition, carried out thorough and robust due diligence before undertaking the purchase. TDA’s Asset Management Team coordinated the range of different surveys required including the analysis of market trends and demand for out of town retail units and negotiated with the seller on behalf of Torbay Council.