Council secures another income generating asset
The Council has secured two commercial buildings that will generate much needed rental income and help to finance council services for many years to come.
We have agreed a £5 million deal to purchase the freehold of two 16,500 sq. ft. retail warehouses on London Road, Burgess Hill, one of which is currently occupied by Halfords.
Government funding for Mid Sussex District Council has reduced dramatically in recent years. In 2010, Mid Sussex received £6.4 million in Revenue Support Grant towards the provision of local public services but this reduced year-on-year to zero in 2018.
With the removal of the Revenue Support Grant, we must find other ways to generate the income we need to continue providing services for local people.
Car and cycling specialists Halfords occupy one of the two retail units and the second is currently vacant following the closure of Carpetright. We are already in negotiations with a leading gym operator to take over the lease of the second unit.
The purchase of the two retail warehouses in Burgess Hill will provide a sizeable rental income that will help to offset the loss of government grant funding and provide the Council with a stronger financial platform for the future.