A report claims Lichfield District Council’s £45million property investment plan could create a profit of £900,000 within five years.
The local authority confirmed the introduction of a Property Investment Strategy in 2018.
Former leader Cllr Mike Wilcox said at the time that the plans would help fill the funding gap as well as tackle issues around affordable housing.
Now a report to the strategic asset management committee says the council is nearly ready to begin buying up properties.
“The council is almost in a position to begin to seriously consider available property and acquire property where the opportunity passes our due diligence checks,” he said.
“The council will make available £45million over the coming four years and could generate a gross profit of over £900,000 by the financial year 2023/24.”
The report will be discussed at a meeting of the committee tomorrow (11th June).
