Southwark Council has bought Courage Yard on Shad Thames, which it will retain to generate income for frontline services.
The square of seven office, retail and residential buildings, on the site of the former Courage Brewery, close to the council’s own headquarters on Tooley Street, was purchased for £89 million. The investment will generate around £5 million per year in revenue, which the council will put towards vital services.
Councillor Victoria Mills, cabinet member for finance, performance and Brexit, said: “Income we receive from our commercial property portfolio is essential to help support our highly valued public services in this time of decreasing government funding.”
Over the years, Southwark Council has acquired commercial assets to generate revenue. Mills said: “Projects are chosen based on being in Southwark and the size and resilience of their revenue return.
“A number of properties the council owns have been sold to help finance our substantial capital programme or we have developed to deliver new council housing. This has reduced our income from commercial assets. This latest acquisition replenishes income lost.”
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