CASH-STRAPPED bosses at Carlisle council have generated £10m in eight years selling off assets, in a trend that looks set to continue.

So far 38 properties have been sold off across the city since 2010.

It is part of an “asset disposal plan”, generating more than £10.1m in gross receipts.

The second part of Carlisle City Council’s latest Business and Scrutiny Panel meeting to take place, which discussed the plans in detail, was held behind closed doors.

However, the minutes revealed that members had raised some concerns about the plans.

An excerpt said: “There was some concern that the council was considering selling investment and economic development sites to invest in a scheme which had neither.”

But the council’s property services manager responded that the sale of assets was “required to generate income and to reinvest”.

The corporate director of finance stressed that selling assets “reduced the borrowing costs”, therefore making some assets “more valuable” to the council.

She added that the sale of assets “made good financial sense” and met the priorities, as set out by Carlisle City Council.

The decision to sell off assets came after a review identifying which ones were said to be “surplus to requirement”.

The review assessed whether an asset was required to meet operational needs, generating income or for economic development.

It also looked at which council-owned buildings might be suitable to be transferred to the community.

During the meeting, a councillor asked for - and received assurances - that the city’s Market Hall had not been sold.

It is understood that £7.2m has already been reinvested into buying 10 new assets.

A member also commended officers on the success of improvements to the Durranhill Industrial Estate following investment in infrastructure and landscaping.