Council adds to its property portfolio with store purchase
TOWN hall bosses have bought a supermarket for almost £26 million.
Sainsbury’s in Lloyd Street, Altrincham, has become the latest property to be snapped up by Trafford council.
The council has now made it clear the supermarket will continue to operate with Sainsbury’s as its tenants and was bought as a moneymaking asset.
The council bought the building for £25.59 million to add to its already burgeoning investment portfolio.
The authority has bought three shopping centres (Stretford Mall, Altrincham’s Stamford Quarter and Altrincham’s Clarendon Centre) for £50 million and three office buildings around Albert Square in Manchester city centre for £17.6 million, all in the last three months alone.
Just last week it was revealed the authority had borrowed £60 million from a government lending fund, which it then handed on to the private investment firm owners of the CIS Tower in Manchester.
Trafford Council hopes to make at least £1.4 million out of the CIS Tower loan in interest rates.
The authority also bought the former Kellogg’s factory in Old Trafford back in September 2017 for £12 million.
A spokesman for Trafford Council confirmed the deal was sealed over the summer.