Latest Public Sector News

06.08.19

Portsmouth City Council buys £138m office complex

Lakeside North Harbour, a vast office complex in Portsmouth, has been purchased by the local City Council for £138m.

The site, located in Cosham, now belongs to the local authority, with a loan set to be used to pay for the 120-acre site over a 35-year period.

The council hopes owning the office complex will not only generate income, but also help boost job prospects within the city. It is estimated that the purchase will generate an overall financial return of £22m over the 35-year period and there are hopes new businesses and offices could be built on some of the site’s free space.

Portsmouth city council's deputy leader, councillor Steve Pitt, said: “As one of the region's leading business locations, Lakeside is a hugely important site for Portsmouth. Buying Lakeside shows the council has a real commitment to investing in the city.

“It gives us ownership of an important strategic site along with the ability to ensure any future development of the site meets the needs of Portsmouth's businesses and ensures employment opportunities for local people.”

Currently around 4,000 people work on the site.

Comments

There are no comments. Why not be the first?

Add your comment

 

public sector executive tv

more videos >

last word

Prevention: Investing for the future

Prevention: Investing for the future

Rob Whiteman, CEO at the Chartered Institute of Public Finance (CIPFA), discusses the benefits of long-term preventative investment. Rising demand, reducing resource – this has been the r more > more last word articles >

public sector focus

View all News

comment

Peter Kyle MP: It’s time to say thank you this Public Service Day

21/06/2019Peter Kyle MP: It’s time to say thank you this Public Service Day

Taking time to say thank you is one of the hidden pillars of a society. Bei... more >
How community-led initiatives can help save the housing shortage

19/06/2019How community-led initiatives can help save the housing shortage

Tom Chance, director at the National Community Land Trust Network, argues t... more >

interviews

Artificial intelligence: the devil is in the data

17/12/2018Artificial intelligence: the devil is in the data

It’s no secret that the public sector and its service providers need ... more >

the raven's daily blog

NSPCC: Working together to improve the support available for children who have been sexually abused

08/10/2019NSPCC: Working together to improve the support available for children who have been sexually abused

Hayley Clark, the acting head of development and impact at the NSPCC, talks about the significant gap in support services for children who have been sexually abused and the Ho... more >
read more blog posts from 'the raven' >

editor's comment

25/10/2017Take a moment to celebrate

Devolution, restructuring and widespread service reform: from a journalist’s perspective, it’s never been a more exciting time to report on the public sector. That’s why I could not be more thrilled to be taking over the reins at PSE at this key juncture. There could not be a feature that more perfectly encapsulates this feeling of imminent change than the article James Palmer, mayor of Cambridgeshire and Peterborough, has penned for us on p28. In it, he highlights... read more >