Council buys warehouse for £10million
Date published: 09 February 2018
Stakehill Industrial Estate
Rochdale Borough Council has paid £10million to purchase a warehouse.
The newly refurbished distribution warehouse on Stakehill Industrial Estate is let to Footasylum on a 10-year lease.
The acquisition is part of a new strategy to acquire properties to generate rental income for the council.
It comes after the Council spent £8.1 million on buying the premises of Marks and Spencer (Yorkshire Street) and Mecca Bingo (Smith Street).
The purchase of the M&S premises cost £4.5 million, whilst Mecca Bingo cost £3.6 million.
In March 2017, councillors approved up to £30m of borrowing from the government on a fixed rate loan to pay for the acquisition of properties.