East Hampshire District Council has paid £1.63m for the Iceland Food Store on Alton High Street in an ‘off market’ deal secured by our Solent team.
The Council is delighted to have added a prime town centre property investment to their already impressive portfolio.
The former Woolworths store was part of 51 acquired by Iceland Foods from receivers in 2009. Iceland has been rejuvenated since being bought back by founder Malcolm Walker in 2012 and provides a secure revenue stream for the local authority.
Cllr Richard Millard, EHDC Deputy Leader and Portfolio Holder for Contracts, said:-
“Investing in property brings better returns for our money than keeping it in the bank. As Government grants continue to dwindle, councils must find new forms of income. Investing in prime commercial properties in good locations generates valuable rental income for us. This money is ploughed back into keeping council service standards high and keeping residents’ Council Tax low.
“The Iceland store in Alton is a fantastic town centre property with an excellent tenant and was the right price.”