Surrey Heath Borough Council announces further investment in its property portfilio,
Surrey Heath Borough Council has completed the purchase of the freehold of a prime retail warehouse and industrial estate investment at Albany Park, Frimley for £15.25m.
Following the Council’s recent Camberley town centre property acquisitions totalling £103.6m with the aim of driving regeneration of that area, this latest purchase is an important part of SHBC’s strategy of income generation to pay for essential Council services in a period of sharp reductions in Government Funding.
The Council bought Phases IV and V of Albany Park Industrial Estate on Frimley Road, Frimley from Schroder UK Real Estate Fund in a deal funded through local government borrowing.
The investment covers a strategic 4.85 acre site comprising a mixed-use estate, whose current occupiers include Matalan Retail, Travelex Currency Services and Vodafone.
Cllr Moira Gibson, Leader of Surrey Heath Borough Council, said: “This latest purchase demonstrates the Council’s commitment to invest in Surrey Heath, with the aim of generating income in a climate of decreasing central government funding.”
Property advisers Hurst Warne acted for SHBC in the deal. Hurst Warne are retained for asset and property management purposes on the estate.