Council buys Welwyn Garden City shop units for more than £7.5million
PUBLISHED: 16:21 20 March 2019 | UPDATED: 16:51 20 March 2019
Welwyn Hatfield Council has spent more than £7.5million buying the freeholds of town centre businesses in Welwyn Garden City.
The council has bought 21-33 in Stonehills and 51-59 Howardsgate.
A council spokeswoman told the Welwyn Hatfield Times: “Now that the council owns the building, it will receive the rental income from the shops as the previous landlord did.
“As and when lease renewals and rent reviews are due, the lease terms will be reviewed and the market rent will be agreed between the council and the tenants.
“We will manage the block and ensure it is well maintained as per the terms of the existing leases.”
In total, £7,519,544 was spent on the WGC freeholds, which have been bought from a single owner.
The council spokeswoman said: “The existing businesses will continue in the units as per the terms of their leases.”
Units not bought by the council are Vision Express and McDonald’s, which are separately owned.
The spokeswoman said the budget to buy the freeholds was approved by Full Council and a report was made to Cabinet.
The council completed the purchase on February 8 this year.