Coun­cil adds to its prop­erty port­fo­lio with store pur­chase

Manchester Evening News - - NEWS -

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.

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