 | Home > Dealership & Sponsor Feedback > Stratstone Stockton-on-Tees bought by local council |
 
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| Supacat Member Since: 16 Oct 2012 Location: West Yorkshire Posts: 11018   
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 Click image to enlarge "A Pendragon-owned dealership in Stockton-on-Tees has been bought for more than £6m by a local council – which is based more than 300 miles away from the site. The Stratstone Jaguar Land Rover dealership in the north east of England is part of a £44m investment in commercial property by Somerset West and Taunton Council. The authority, based in Taunton, is buying up sites all over Britain and using the income from tenants to fund front-line services, GazetteLive reports." https://cardealermagazine.co.uk/publish/pe...225907[/b] |
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14th Jun 2021 4:36pm |
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| LandRoverAnorak Member Since: 17 Jul 2011 Location: Surrey Posts: 11324
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If only it were that simple
 This is nothing unusual as lots, probably most, Councils have a commercial estate. Some are bigger than others but all bring in revenue to pay for things that council tax doesn't cover. None of the investments themselves will be paid for by council tax.
The only mildly interesting parts of this one (other than the LR content) is that it's so far away from the Council. Some councils have taken the plunge to look outside their borders whilst others have a policy of only investing locally. Darren 110 USW BUILD THREAD - EXPEDITION TRAILER - 200tdi 90 BUILD THREAD - SANKEY TRAILER - IG@landroveranorak "You came in that thing? You're braver than I thought!" - Princess Leia |
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15th Jun 2021 5:31am |
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| Rashers Member Since: 21 Jun 2015 Location: Norfolk Posts: 3496 
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Our local councils in Norfolk have property portfolios as investments. There were reports of one buying a Premier Inn on the South Coast. The problem being is Councils are not known for their skill in property investment and some of their deals have been questionable!
If you need evidence of an organisation who is not known for their property investments and got their fingers burnt, the Church of England is a prime example. They invested vast amounts f cash (from the collection plates?  ) in the Gateshead Metro Centre many years ago then sold their investment during a recession losing millions!
As most of the buildings Councils buy are retail and commercial, I would imagine many of these have not been performing over the last 18 months? |
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15th Jun 2021 7:38am |
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| LandRoverAnorak Member Since: 17 Jul 2011 Location: Surrey Posts: 11324
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You'd be surprised. It very much depends on local conditions and whilst retail in particular has taken a hit, it's not always as bad as the headlines would have you believe. For light industrial and larger, it can be difficult to keep up with demand.
In my experience, councils are no better or worse at managing commercial estates than anybody else. Again, it's typically local factors that play the biggest part. The only significant difference is the political angle, which can sometimes scupper the best laid plans. Darren 110 USW BUILD THREAD - EXPEDITION TRAILER - 200tdi 90 BUILD THREAD - SANKEY TRAILER - IG@landroveranorak "You came in that thing? You're braver than I thought!" - Princess Leia |
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15th Jun 2021 7:46am |
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| camelman Member Since: 27 Feb 2013 Location: Peak District Posts: 3372
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Not just landrover garages...
Look what happens when they try to get in on the Utilities market https://www.bbc.co.uk/news/uk-england-nottinghamshire-54056695 |
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15th Jun 2021 8:16am |
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