CALLS have been made for Bury Council to invest ‘inside’ the borough due to concerns more than £5.5 million has been spent on property outside Bury since 2015.

The council has bought properties in Lytham St Annes, Huddersfield and Manchester’s Northern Quarter, amounting to £5,870,000, over the past two years.

The council said property investment is an ‘important way of earning money’, without which there would be ‘deeper cuts’ to services.

It highlighted the near-950 property assets held within Bury, including the ‘major purchase’ of the multi-storey car park on Knowsley Street.

The issue was raised by the Liberal Democrat group, who urged the council to invest in Bury ‘to create jobs and housing’.

Liberal Democrat leader Cllr Tim Pickstone said: “Our concern is that this investment is nearly £6million of Bury Council money invested outside of Bury.

“Surely there are areas of Bury that could be invested in, including kick-starting new developments, that would still provide a good level of return for the council and improve our local area?

“Manchester’s Northern Quarter doesn’t need Bury Council’s help to be a success, but investing in Bury could provide jobs and houses that we need here.”

Cllr Pickstone raised the issue at a full council meeting in September, which revealed that since 2015, the council has acquired Prezzo restaurant, in Lytham St Annes, for £1,010,000.

It has also purchased Capita Regional Office HQ, in Huddersfield, for £2,300,000.

Finally, in November 2016, Bury Council paid out £2.56million to PJD Property Co for the Northern Quarter’s Bakerie Restaurant and My Dentist Surgery and Regional Training Centre.

Currently, the three sites are collectively generating an annual revenue of £373,500.

The council’s property investments must meet the criteria set out in the Property Investment Strategy 2014-2018.

It states that “the purpose of acquiring and holding property for investment purposes is primarily to generate income” and that “the council needs to act to strengthen its funding base by building asset portfolios that provide a greater commercial return.”

The council said in a statement: “We have a wide range of investments, both in Bury and outside the borough, which generate income.

“This is an important way of earning money which can be spent on vital frontline services. Without this income, there would have to be deeper cuts to those services.

“To put these three buildings outside of Bury into context, the council currently holds almost 950 property assets in Bury which we draw rental income from, including commercial and industrial properties. For example. income from parts of The Rock and the Mill Gate shopping centres, Bradley Fold Industrial Estate and the markets.

“One example of a major property purchase in Bury was the purchase of the multi-storey car park on Knowsley Street in 2015. This is let to Q Park for £2,150,000.

“We also continue to make key investments into projects across the borough, such as Radcliffe Market Hall, Radcliffe Bus Station, Chamberhall, and Prestwich High Street.”