Why is Pembrokeshire County Council looking to acquire property investments when derelict buildings lie empty in Narberth?

That was the question posed at March’s monthly meeting of the town council by former Mayor, Clr. David Norcross.

He told his fellow members that he had read a post on the local authority website saying that they were looking to extend their managed property portfolio and were seeking commercial property investments.

“They are looking for properties between £50,000-£2,000,000, full or partly let or vacant, not just in Pembrokeshire, but Wales and the UK,” he said.

“I really was alarmed to read this, given the financial difficulties the council is in and the services being reduced,” he continued.

“Why are they looking to buy property elsewhere when buildings lie derelict in Narberth. A full explanation is required.”

When the Observer contacted the council, we were told: “Many local authorities across the UK have set-up Property Investment Funds in order to purchase income-producing property as a means of improving their overall revenue positions.

“Indeed, some are aiming at sufficient income from such funds, and other income-producing methods, that they are no longer dependent upon Government grant.

“Pembrokeshire County Council is currently investigating the feasibility of a Property Investment Fund, and how this might work - whether purely for income purposes, or for development and regeneration projects, or for a combination of both.

“The strategic asset management group, comprising council members and officers, is to consider this matter in more detail.”