Gloucester to run property portfolio to raise funds

Gloucester City Council will set up a Property Investment Board to make decisions on buying and selling properties to raise council funds.

The Property Investment Strategy has been put forward as a way of helping to deliver the city council's draft Council Plan, detailing how property investment could raise funds which will help to protect council services into the future.

The council will go out to tender later this year for an external partner with property experience to help identify and assess potential acquisitions and to help manage its property portfolio, which might be as large as £75 million in value within the next five-seven years.

Paul James, leader of the council and cabinet member for Regeneration and Economy, said: "Over the last six years the council has made savings in excess of £10 million, however, like all local authorities, the council is faced with continued financial pressures. We have to make £1.65 million of savings in the current financial year alone, and property investment will be a step which many other local authorities have taken; they have proved this can be a successful way to raise funds."

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