COUNCIL bosses have spent more than £360 million on property in the last five years.

According to data released by the authority through a Freedom of Information request, it has spent £365.47 million between April 1, 2015, and the present day on properties ranging from offices and distribution centres to shopping centres and residential streets.

The council invested in a total of 16 properties – including the attempted purchase of No1 Old Trafford, which fell through

Just five of the 16 properties listed as investments on the authority’s books were purchased outright. A further seven are listed as “debt” – including £67.5 million borrowed last year to lend to tech company The Hut Group, to invest in its new headquarters near Manchester Airport.

A total of £60 million was also borrowed in September 2019 to lend to the investment strategy firm that owns the CIS Tower, Castlebrooke Investments, to support a refurbishment and refinance of the building.

Another large amount of borrowing for acquiring property was seen in November 2018 when the council borrowed £60.8 million to secure Local Crescent in Hulme.

Three were purchased through a joint venture – including Stretford Mall, the Stamford Quarter shopping district in Altrincham and the former Kellogg’s factory site in Stretford.

The joint venture for both Stamford Quarter and Stretford Mall saw the council purchase the properties in a 50-50 partnership with Bruntwood Works. But the council also lent the firm it’s share of the joint venture to complete both acquisitions.

Council leader Cllr Andrew Western, has fiercely protected the council’s investment strategy, making it clear he believes the strategy employed by many councils across the UK is absolutely necessary in the face of hard Government cuts.