A flourishing industrial estate in Plymouth has been snapped up by the Council as part of an ongoing programme of investment in business space.
The Council has now completed the purchase of the estate at Bell Close, Plympton, which is part of the larger Newnham Industrial Estate. Built in the 1980s, the estate has 23 units and 1 storage unit. It is just under five acres in size.
Councillor Ian Darcy, Cabinet Member for Finance said: “We are investing in assets that allow us to protect and create jobs. This site is close to other industrial estates that we own and will safeguard approximately 150 jobs.
“Like many cities, the Council owns and manages significant commercial property which not only provides places for companies to do business, but also means the rent we receive helps the council’s finances.
“Our commercial estate brings in about £7 million into the city’s coffers which is ploughed back in protecting front line services.
“With less money coming in the form of Government grants, we are looking at ways to ensure the city’s long term ambitions – as well as the day-to-day running of the city – are supported by a range of sustainable income streams.”
The site is currently fully let except for one unit and is let to a range of occupiers, including a major utility provider, specialist manufacturers and service providers.
The Council owns a number of industrial estates around Plympton and the wider Plymouth area and has a good track record of managing them to deliver income.