District council completes £2.7m purchase of Ocean
PUBLISHED: 07:00 06 March 2020
A prominent entertainment destination on Exmouth seafront has been purchased by the district council.
East Devon District Council has confirmed it has completed a deal for Ocean, in The Esplanade, and announced LED Leisure Management Ltd will continue to run the facility and pay rent to its new landowner.
The authority completed the £2.7million purchase using funds from a £20million commercial investment fund.
This acquisition is the first EDDC has made using this fund, designed to generate £450,000 per year to support council services and activities moving forward.
The council said this will help address future budget challenges for the council.
Cllr Geoff Pook, portfolio holder for asset management, said: "Investment in this and other properties over the next few years will help the council towards financial self-sufficiency along with giving the council a further and direct stake in the growth, prosperity and place making aspirations across East Devon."