Portsmouth city council services will get a revenue boost of up to £ 1m from the new retail park where work has already gotten underway.
The Council had made a decision to purchase the Portsmouth retail park which is located in North Harbour. The completion of the park is expected to be in the next spring.
According to Cllr Donna Jones, the leader of the council, the council is glad to have found just the right investment in a property in Portsmouth. This investment will be a great addition to the council’s property investment portfolio and will also boost the revenue for the council by providing services that are needed by the local residents. It will also contribute to the economy growth and at the same time, create employment opportunities for the locals.
Donna continued to say that the investment is about raising money that will pay for council services as well as create job opportunities for the residents. About £ 1m will be raised just for the deal alone for the local services and this will make such a difference especially at this time when the council continues to get reduced funding from the government.
“It is really great news that the construction of the retail park has commenced and we are really looking forward to the investment growing and the growth of revenue for the Portsmouth residents through rent collection.
The £ 16.2m development will comprise of eight retail and food stalls as well as a gym on the unoccupied land next to Tesco Extra in Southampton Road.
The expected first 9 tenants in the complex will include;
· Pure Gym
· Home Bargains
· Explore learning
· Jollyes pet superstore
· Quality Pet care
Property solutions business Simons Group are in charge of the construction.
Tom Robinson, chief executive of Simons Group said that the new development will be a boost to a city that is already great. “Simons Group is excited about this project and we are sure that the vitality of Portsmouth will be enhanced.” Tom said.