The penniless arcade
BALLINA Shire Council has admitted it is losing thousands of dollars in revenue as tenants of Wigmore Arcade look for alternative premises.
The financial review for the September quarter was presented to councillors last week, and highlighted that less income was being received from that commercial property.
The report stated that the "downward adjustment is $40,000 and this adjustment directly impacts the bottom line of general fund".
"Council is aware that tenants are choosing to vacate their premises," the report states."The net income from this property has traditionally supported the general fund 'bottom line' and the loss of this income will have a negative impact on the general fund finances going forward."
The report comes after the council announced it was planning renovations to the arcade.
While details have not yet been confirmed, leases expire in December and will only be renewed on a month-by-month basis.
Cr Sharon Cadwallader said there was "a lot of uncertainty" from retailers. "I am wondering if we can have one-on-one meetings between council staff and the tenants," she said.
But the council's general manager, Paul Hickey, told councillors all tenants were aware of the situation in Wigmore Arcade.
"If a particular tenant has concerns then I would advise them to contact me," he said.
Meanwhile two of the arcade's tenants, Specsavers and Tobacco Station, will sign new leases with the council in order to satisfy their franchising agreements.
The council has agreed to sign 12-month leases for the two tenancies because "it is a requirement of the lessees' respective franchise agreements that, when occupying leased premises, a lease agreement must be in place".