Surrey Heath Borough Council buys investment property in £15.25m deal

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.

surrey-heath-houseFollowing 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.

3 thoughts on “Surrey Heath Borough Council buys investment property in £15.25m deal

  1. Well, good to know they can afford the terms of the deal ‘funded thru Local Govt Borrowing’ – which probably means a cheap Commercial Mortgage …

    So, the logical question is why cant they fund urgent needs with similar sources of Funds ?

    A Car Park for Lightwater – maybe involving a CPO springs to mind ….

    There I go, dreaming again – but it makes you wonder … they could charge for the CP and make a small profit on maint costs too …

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  2. As I have mentioned before, it will be interesting to see what happens to the Council tax and who will pay the interest on the loans. What bets on the tax increase being more than the increase in pensions.

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  3. Agreed – altho a big chunk of mooted increase will be age-related adult care, and maybe even the funding for the Ice Rink …..

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