Public Sector Property

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.

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