Peterborough City Council sold tens of millions of pounds worth of assets in the past nine years in order to repay debt.
Results from a Freedom of Information request received in December 2024, recently shared with the Local Democracy Reporting Service, revealed that £49,663,112.90 of council assets were sold since July 2016.
A spokesperson for the council said that money received as a result of asset sales is used to "repay its debt balances, therefore reducing the cost of borrowing (interest)".
They added: "In addition, these receipts are classed as capital (being asset disposals) and therefore cannot be used to fund the revenue expenditure (day to day services)."
Peterborough City Council provided a list of the ten highest asset sales since July 2016, but did not confirm who they were sold to and for how much due to commercial sensitivities.
The Local Democracy Reporting Service has included prices of each sale where it was publicly available.
5. Peterborough City Council asset sales
Details of the sale of land at Bishops Road could not be found on Land Registry or other public records. It is not clear which area of Bishops Road this includes. The council has been approached for more detail. Photo: Google
6. Peterborough City Council asset sales
According to Land Registry, Turves Farm in Newborough was sold for £1.5 million on April 5, 2024. It is noted that this value covers more than just the land in this title. Photo: Google
7. Peterborough City Council asset sales
According to Land Registry, land on the south side of Bishops Road in Peterborough was sold for £1.87 million on June 16, 2023. It is not clear which area of Bishops Road this includes. The council has been approached for more detail. Photo: Google
8. Peterborough City Council asset sales
According to Land Registry, Fletton Mills (Whitworth Mill) at Fletton Quays was last sold for £900,000 on March 31, 2021. It was reported that Lioncross Properties bought the site from Peterborough City Council in 2021. Plans are currently in place to convert the site into an apartment block. Photo: Google