|A town centre car park has become the fourth purchase for Crawley Borough Council in its bid to generate alternative sources of income to support its services to the public.
Kingsgate Car Park, on Queensway opposite the Memorial Gardens, is a 10-level car park with 496 spaces.
It is currently let to National Car Parks Ltd. (NCP) on a lease until June 2027. The rent will generate more than £300,000 per year for the council and is subject to annual increase.
Councillors have agreed a total of £26.6m for commercial property purchases since 2013, enabling the council to make purchases where there is a sound business case and no undue risk.
The council’s portfolio includes Atlantic House in Three Bridges, Ashdown House on the High Street and Ask Restaurant, also in the High Street.
Councillor Peter Lamb, Leader of Crawley Borough Council, said: “The rental income generated from this investment will help to fund local services and limit Council Tax increases after a decade of cuts from central government.”
The council’s commercial property estate – primarily neighbourhood shops, light industrial units and workshops – is an important source of funding for council services, bringing in about £6.3m per year and providing a reliable income to spend on council services.