Croydon Council finalises Colonnades Retail and Leisure Park purchase
Croydon Council has completed the purchase on the final part of the Colonnades Retail and Leisure Park, generating more than £150,000 a year in additional income for frontline services.
The council now owns the whole of the Purley Way site, with the second phase of the purchase completed following the construction of the three additional units. Two of the three units are occupied by McDonald’s and Nando’s.
Around £7m was paid by the council for this purchase. The entire site is providing an annual income of around £1.4m net of interest and other costs, which will help protect council services for residents.
Councillor Simon Hall, cabinet member for finance and resources, said: “There are three positives to this purchase – additional funding for frontline services, the creation of additional jobs for our residents and investment by us in our borough.
“We are working to identify ways this site can generate even more income, as well as looking for other investment opportunities as a way of ensuring we can provide services for our residents at a time where government grant funding for local authorities is being cut and its future remains uncertain.”