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# Lichfield District Council’s new property investment strategy to cost £3million over the next year
- URL: https://lichfieldlive.co.uk/lichfield-district-councils-new-property-investment-strategy-to-cost-3million-over-the-next-year/
- Published: 2018-11-13T10:32:45.000Z
- Updated: 2018-11-13T10:34:25.000Z
- Description: The bill for a a new property investment strategy at Lichfield District Council is expected to cost around £3million in the next year.
- Author: Lichfield Live
- Tags: Politics, #wp, #wp-post, #Import 2026-07-22 18:23, News

The bill for a a new property investment strategy at Lichfield District Council is expected to cost around £3million in the next year.

[![The offices of Lichfield District Council. Pic: Lichfield District Council](https://storage.ghost.io/c/e3/90/e390c3da-0866-4d2a-8ffe-ca4999d7ce1c/content/images/lichfieldlive-co-uk/wp-content/uploads/2015/05/lichfield_district_council_house.jpg)](//lichfieldlive.co.uk/2015/06/01/group-says-expanded-lichfield-district-council-cabinet-should-have-had-more-women/lichfield%5Fdistrict%5Fcouncil%5Fhouse-2/)

The offices of Lichfield District Council. Pic: Lichfield District Council

The local authority has drawn up plans for a new property investment company to be created.

Cllr Mike Wilcox, leader of Lichfield District Council said that the new strategy would help close a funding gap due to a reduction in the money it receives from Government.

He also said the proposals would help create “much-needed” affordable housing in the area.

But the plans have been criticised by the Labour opposition group, whose leader Sue Woodward said the scheme had been rushed through in “an attempt to hide Conservative embarrassment over the failure of their Friarsgate project”.

The new report, to be heard at a meeting of the council’s audit and member standards committee on Wednesday (14th November), revealed that the new property investment strategy was progressing.

“At present the council is in the process of recruiting an estates management team that will be integral to the delivery of this strategy,” the report said.

“As a consequence it is prudent to assume that £3million of the £6million budget will be spent in 2018/19.”

Cllr Mike Wilcox, leader of the council, said the money would help create a solid and more secure future.

“With the increasing pressure on our budget, as a result of significant decreases in government funding, it can no longer be business as usual,” he said.

“We need to transform and find new and innovative ways of working and raising income if we want to continue to provide good quality services to our residents.

“The council agreed late last year to consider investing in property to help provide income that will safeguard council services and support our local economy. This is an approach being practiced by many others and we have sought advice from them to inform our own approach.

“It’s a really exciting time for the council and, with careful management and prudent investment, we are confident we can put the building blocks in place for a longer term more secure future.”