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Portsmouth City Council to Consider Buying Lakeside Business Complex

Published: 10th June 2019 17:29

Portsmouth City Council is considering purchasing the city's main office complex, Lakeside North Harbour.

The Cosham site is one of the region's leading business locations and would give the council ownership of 590,000sqft of office space in the north of the city.

The proposed purchase is a different approach to the properties bought for the council's existing property portfolio. The previous investment purchases were primarily out of town and driven by the level of return on the investment over the short to medium term. While Lakeside would still generate a positive return for the council, it is seen as a strategic acquisition, supporting the local economy for the longer term.

The council say that if the proposed purchase is agreed, it would provide the council with a robust, significant income stream from the existing tenants which operate across a diverse range of business areas.

Cllr Gerald Vernon-Jackson, Council Leader, said: "The potential purchase of Lakeside is a significant opportunity for the council to shape the future development of the city. Portsmouth City Council has a track record of making ambitious decisions that have ensured control of key assets that now play a really important role in the city's economy, from Portsmouth International Port to the M275 motorway.

"It is vital that we continue to be ambitious on behalf of the people of Portsmouth, and so it is right that the council considers the possibility of purchasing Lakeside as an important strategic site for business and the future of the city."

Cllr Steve Pitt, Cabinet member for Culture and City Development, said: "As one of the region's leading business locations, Lakeside is a hugely important site for Portsmouth. Buying Lakeside would show the council has a real commitment to investing in the city. It would give us ownership of an important strategic site along with the ability to ensure any future development of the site meets the needs of Portsmouth's businesses and ensures employment opportunities for local people.

"This is clearly a significant investment and, before a decision is made, it is important it is properly considered by both Cabinet and Full Council. I look forward to discussing the reports at the upcoming meetings."

A decision on whether the council proceeds with the purchase is set to be made on 17 June with the council's Cabinet considering it 1pm, followed by a decision at a Full Council meeting at 6pm.

The report can be found here 

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