Islington Council has listened to local traders and reached a decision on how it will sell a portfolio of commercial property. <br><br>Cllr Andrew Cornwell, Executive Member for Finance, Islington Council, said: "Most local people understand why the council is selling these properties. We want to give businesses the opportunity to buy, and in doing so release council money that is currently tied up in property to improve local services. We don't believe, as a local authority, we are here to manage commercial properties like shops. The sale will help pay for schools, housing and other regeneration projects that benefit the people who live and work in Islington. <br><br>"As we expected, many of the businesses occupying these commercial properties at the moment have told us they have aspirations to own their own premises. At a meeting of the council's Overview Committee on 30 January, they raised some issues about the way the council was proposing to sell them, and we promised to look again at the method of sale.<br><br>"We've listened to local traders, and taken on board their concerns about they way we were going to sell the properties. That's why we will be giving traders and other organisations, and individuals who occupy these premises, the opportunity to match the price established through the portfolio bidding process.<br><br>"As before, if some occupiers don't want to buy their premises and would prefer to stay a tenant, they are free to do so and their existing rights to occupy won't be affected. A sale to a third party won't affect their position because the terms of their existing lease will continue to apply.<br><br>"We have written to all occupiers today (22 February 2007) to let them know about the change in the way we're selling these properties. We'll continue to keep them informed throughout the process."<br><br>ENDS<br><br>For more information on this statement please contact Susie Rundle on 0202 7527 3376.<br><br><br><br>
Page Last Updated: 17 December 2009