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Waltham Forest Council’s investments

A senior officer has made comments on the Council’s multi-million pound property investments. According to them, they need to have a “social return” for inhabitants.

Rob Manning is the Strategic Director of Resources at Waltham Forest Council. He said that any investment made by the council must have the social return. This accounts for the value an asset creates for the environmental, economy, and community. In addition, there must be a commercial return.

Properties that the council has purchased since 2017 include a set of commercial spaces next to Soho Theatre in Walthamstow. Additionally, there were two units at South Grove and Sutherland Road rented to NHS GP surgeries and an office structure. These investments got financing from government-backed loans. They are ones available to local authorities at lower interest rates than commercial loans.

A return for residents

Manning spoke to the budget and performance scrutiny committee. There, he said they would buy or create spaces in new structures. Afterwards, they would fit them out for the NHS for specifications demanded for a full GP service and then rent it to them. For the council, it’s a bit of a no-brainer. It is great for residents and gives the local authority a return on investments.

Manning went further by saying the council has been sensible in terms of property investment in Waltham Forest. They haven’t made risky moves comparable to councils like Thurrock. This council has debts from poor investments that total roughly £1.3billion. Waltham Forest’s property investment team has only purchased 4 of the 22 buildings it has considered acquiring since 2019. They have been much more careful with their money.

Two notable examples

The Council’s first huge investment was finalised in 2017 in buying the Tramworks in Hatherly Mews. This is a converted stables that holds 54 warehouse-style residential and commercial units.

Another commercial investment was Central House in Hoe Street. Recently, this was sold to the University of Portsmouth. Waltham Forest Council bought the structure for £5million in January 2021.

Both structure fall in line with the borough’s vision of fostering a “creative corridor”. This is along Hoe Street, centring around Soho Theatre Walthamstow. The council wants to refurbish the theatre and open it in 2024.

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