Councillors are to be asked to approve plans to sell of 14 council-owned shopping parades.
Thurrock Council’s cabinet will discuss a proposal to sell off the retail parades in a behind-closed-doors session at the end of its meeting on Wednesday, September 17.
If approved 200 years’ worth of leases would be sold which are in operation on the ground floor shopping units. The council would retain freehold ownership of the buildings and the flats it owns above.
The council says the terms of each lease will remain the same under the new owners and the flats will continue to be owned by the council, leaving tenants unaffected.
Cllr Valerie Morris-Cook, cabinet member for finances and resources, said: “These parades have been on the list for disposal for some time, and they are an attractive proposition as there is only a four per cent vacancy rate of the retail units.
“If approved it will allow Thurrock Council to release these assets and bring in money to reduce the council’s debt, without any negative impact on shop owners.
“Existing shop tenants will be able to take part in the bidding process, either individually or jointly, if they want to look into the possibility of buying the lease. Alternatively, the leases may be purchased by established commercial investors, in which case shop tenants will continue under their existing leases on the same terms and conditions.
“The tenants living in the flats will have nothing to worry about at all, their flats will still be owned by the council and nothing will change for them.”
The 14 shopping parades are: Broxburn Parade, Calcutta Road, Canterbury Parade, Commonwealth House, Daiglen Drive, Defoe Parade, Derry Avenue, Derwent Parade, Gardner Avenue, Garrison Parade, Garron Lane, Jesmond Road, Riverview, and Romford Road.
Image (Google) shows Defoe Parade.
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