Surrey: Council buys business centre to kick-start investment

Waverley Borough Council in Surrey has kick-started its investment portfolio with The Enterprise Centre on Coxbridge Business Park in Farnham.

The business centre is the council’s first property purchase since the recent formation of Waverley’s Investment Advisory Board. This is part of the council’s plan to support and promote economic development and generate future income. Through investment and expanding its portfolio the council can carry on delivering its services to the community.

Tom Martin, deputy leader of the council and chairman of the Investment Advisory Board, said: “Waverley’s medium-term financial strategy identifies a significant funding shortfall over the next three years. Despite the difficult financial challenges we face we are working to make limited resources work harder for the benefit of the community and protect vital community services.

“Investing in prime commercial properties in good locations generates valuable rental income for us and brings good returns for our money.

“Not only is the property a fantastic asset, with excellent tenants, but it allows us to continue to support the economy and protect the long term future of local business premises. It’s a win-win for us, residents and the businesses of Waverley.”

Waverley Borough Council paid £2.41million for the property that generates a gross rent of £327,000 per annum.

Vail Williams advised and acted for Waverley Borough Council in the acquisition. Wadman & Isherwood advised the vendor.