Carigiet Cowen Supporting Lancaster City Council to Purchase Wilko building for £3.4m
Carigiet Cowen’s Associate Director for Professional Services and Consultancy - Jody Lauder - has supported Lancaster City Council in its expansion of its investment property portfolio, purchasing 17-21 Penny Street, Lancaster.
Occupied by one of the most successful high street brands, Wilkinsons, this property will support Lancaster City Council’s strategic policy for ‘Funding the Future’.
Formerly advertised to the market, and let to Wilkinsons until Jan 2029, Carigiet Cowen was able act with Lancaster City Council in acquiring the property in an off market deal at price significantly below the asking price, buying the property at £3.4million, which reflected a 10.26% all risks yield.
Councillor Anne Whitehead, Cabinet member with responsibility for finance and Capital Strategy Group, said: "This investment makes absolute financial sense for the council.
“It also provides long-term protection for a significant building on the high street, maintaining ownership locally and away from predatory offshore investors.
"The purchase of 17-21 Penny Street is just the first in a number of carefully chosen investments that the council is looking to make as part of a drive to become financially resilient and which will provide a long-term investment opportunity, a stable rental income and will minimise risks by avoiding speculative purchases."
Councillor Dr Erica Lewis, leader of Lancaster City Council, said: "It's about trying to meet the needs of the district.
"That kind of thinking is how we play an active role in shaping the economy of the district.
"There's an underlying structural deficit, and this needs to be addressed quickly to avoid making more difficult decisions about services; this investment will support us in fund the future."
Carigiet Cowen are continuing to support Lancaster City Council in further property investments which will include for industrial and commercial units, hotels, leisure uses, new green initiatives, and residential ensuring and protecting for a spread of portfolio risk across market sectors.
Contact Jody Lauder, Carigiet Cowen with your enquiries & requirements on 07598 046381 email@example.com