By Emanuele Midolo and Guy Montague-Jones2019-07-04T23:00:00
Source: Wikimedia Commons/scillystuff
The crisis engulfing the high street has sent the value of councils’ retail investments crashing, Property Week can reveal.
Analysis of the accounts of some of the biggest-spending councils, including Stockport, Shropshire and Basingstoke, reveals the damage wreaked by the ongoing woes in the retail sector.
Stockport Council reported that the value of the Merseyway Shopping Centre, which it bought out of administration in 2017, had fallen by £16.4m to £43m in the year to the end of April.
In its accounts, the council blamed “a number of factors” for the reduced valuation, including the weak retail market. “This turbulence has been evident in Stockport town centre with the closure of stores including BHS and Marks & Spencer,” it said.
You must be logged in to continue
Try Property Week For Free to finish this article.
Sign up now for the following benefits:
To access this article TRY FOR FREE NOW
Don’t want full access? REGISTER NOW to read this article and up to 3 more this month and subscribe to our newsletters.
Registered users and subscribers SIGN IN here to continue
Site powered by Webvision Cloud