Watford Borough Council’s Property Investment Board helps keep council tax increases down and helps fund key services...
Thanks to Watford Borough Council’s strong property investment programme, the local authority is able to keep council tax increases down for residents and use the revenue to fund the services which residents and businesses need and deserve.
The council’s Property Investment Board (PIB), which oversees the local authority holdings of properties across the UK, started in 2015. Its importance has grown since the withdrawal of Government funding for local authorities, which meant that councils, including Watford, had to source new ways to fund services which residents and businesses need and deserve.
This investment generates an important revenue stream along council tax (which remains the lowest in Hertfordshire), and the portfolio which is valued at over £100 million is focused on commercial properties which are leased to third parties and earn the council an income, such as Croxley Business Park.
The revenue generated from our property portfolio as well as allowing us to keep council tax down, support revenue investment in services and allows the council to take on ambitious projects. The funding will be key to continue to maintain our award winning parks, and fulfilling our commitment to a green and sustainable future and becoming net zero carbon by 2030.
Major projects which benefit from the Property Investment Strategy include £12.5 million on the regeneration of the area around the Town Hall known as the Town Hall Quarter, £13 million on the second phase of work on Watford Business Park and £10.7 million on the continued regeneration in Watford Riverwell, which supports the redevelopment of Watford General Hospital and the regeneration of land behind it.
Other spending plans include committing £550,000 over three years to meet demand for allotments in the borough, and £750,000 on play area improvements within Lea Farm Recreation Ground, Meriden Park and Leavesden Green Recreation Ground.
