Proposals to sell 14 shopping parades currently owned by Thurrock Council will go to Cabinet for a decision next week.
If approved 200 year leases would be sold for the ground floor shopping units while the council would retain freehold ownership of the buildings and council flats that are above the shops.
The sale would not affect current leases shop owners have, they will pass to the new owner and remain in place with the same conditions for the duration of the lease. Flats will continue to be owned by the council and tenants will not be affected by the sale in any way.
Cllr Valerie Morris-Cook, Cabinet Member for Finances and Resources, said: “These parades have been on the list for disposal for some time, and they are an attractive proposition as there is only a 4% vacancy rate of the retail units. If approved it will allow Thurrock Council to release these assets and bring in money to reduce the council’s debt, without any negative impact on shop owners.
“Existing shop tenants will be able to take part in the bidding process, either individually or jointly, if they want to look into the possibility of buying the lease. Alternatively, the leases may be purchased by established commercial investors, in which case shop tenants will continue under their existing leases on the same terms and conditions.
“The tenants living in the flats will have nothing to worry about at all, their flats will still be owned by the council and nothing will change for them.”
The 14 shopping parades are: Broxburn Parade, Calcutta Road, Canterbury Parade, Commonwealth House, Daiglen Drive, Defoe Parade, Derry Avenue, Derwent Parade, Gardner Avenue, Garrison Parade, Garron Lane, Jesmond Road, Riverview, and Romford Road