Wed, 18 Apr 2012 | COMMERCIAL PROPERTY
Enfield Council is considering selling its Business Innovation Centre in Innova Park in a bid to generate income.
The property houses a total of 63 office spaces and workshops for start-up companies and is likely to be sold for a sum in the region of £4 million.
At the moment the rental income is in the region of £418,000 a year, but a private owner could potentially increase the charges on tenants. But whoever purchases the site will need to keep in mind that the council is looking for a buyer who will maintain the current ethic of the centre and create a place for small businesses to grow.
Cabinet member for business and regeneration, councillor Del Goddard, told the Enfield Independent: “The bottom line is that Enfield Council does not make much money from the Business Innovation Centre and after costs are subtracted, makes around £100,000 a year.
“We don't want to sell off our assets, but in times of unprecedented government spending cuts we need to make savings across the board and we will reinvest the money we make from this sale in vital council services.”
The centre was initially set up in 1998, but fell into liquidation five years later. Since then, councillors have tried to sell off the building although they believe that the rental income on the site could deliver a healthy profit to the right management team.
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