Investment to benefit residents and businessesPublished Monday 18 March 2019
Harborough District Council and Harborough District Commercial Services Ltd has taken advantage of an exciting investment opportunity to benefit the whole district.
Land and buildings incorporating two retail units (Tesco and B&M Stores) and residential flats in Market Harborough town centre have been purchased by a private company, owned by the Council, to bring benefits to the business community and wider district and to generate income.
Harborough District Council has set up a limited company, Harborough District Commercial Services Ltd (HDCS), through which this and future investments will be acquired and managed. The new company is wholly owned by Harborough District Council. HDCS can make a return on the investment and this will be used to support wider Council services across the district. Many councils are adopting a similar business-like model to generate income and reduce the reliance on grants from the Government.
As part of the Council’s drive to support a vibrant economy, Harborough District Commercial Services Ltd is committed to identifying new investment opportunities which benefit residents and businesses. The land at 10 The Commons and 19/21 The Square, Market Harborough presented a particularly strong opportunity as the Council already owns adjoining land – the Commons car park.
Norman Proudfoot, Director of Harborough District Commercial Services said: “This purchase represents excellent value for money – particularly to the Council, residents and businesses. The investment has enabled the council to secure the future of this vital area as retail space within the town. Although no firm proposals have been developed at this stage, it will also enable the Council to consider future development opportunities to improve the town centre, which could lead to new facilities for residents, businesses and visitors.”
HDCS will assume the role of landlord from NewRiver for Tesco, B&M Stores, and the residential properties above these shops in Market Harborough.
In line with the Council’s budget, Harborough District Commercial Services Ltd, with Harborough District Council, will continue to assess future strategic investments which will support the authority’s commitment to strengthen economic development across the district, generate income and become more sustainable as demands for services increase.
Space Retail and Anthony Collins & Co. acted for the Council.
Notes to Editor
NewRiver REIT plc (‘NewRiver’) is a leading Real Estate Investment Trust specialising in buying, managing, developing and recycling convenience-led, community-focused retail and leisure assets throughout the UK.
Its £1.4 billion portfolio covers over 9 million sq ft and comprises 34 community shopping centres, 19 conveniently located retail parks and over 650 community pubs. Having hand-picked its assets since NewRiver was founded in 2009, it has deliberately focused on the fastest growing and most sustainable sub-sectors of the UK retail market, with grocery, convenience stores, value clothing, health & beauty and discounters forming the core of our retail portfolio. This focus, combined with affordable rents and desirable locations, delivers sustainable and growing returns for shareholders, while its active approach to asset management and in-built 1.8 million sq ft development pipeline provide further opportunities to extract value from its portfolio.
NewRiver has a Premium Listing on the Main Market of the London Stock Exchange (ticker: NRR) and is a constituent of the FTSE 250 and EPRA indices. Visit www.nrr.co.uk for further information.
LEI Number: 2138004GX1VAUMH66L31
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