Spelthorne announces purchase of Heathrow property
Spelthorne Borough Council has announced the purchase of a freehold commercial property in West London.
Comprising 85,000 sq.ft, the office development 'World Business Centre 4' (WBC4) is located on Newall Road at Heathrow Airport and was purchased from the Arora Group for a sum in the region of £45m. IT provider, Amadeus, has taken up a 15 year lease on the property.
The withdrawal of Government funding for local authorities means that many councils are having to find new ways to fund services by creating new revenue streams and the purchase represents another significant step in Spelthorne Council's plan to tackle the cuts. Previous acquisitions by the Council include the BP International Campus and Elmbrook House in Sunbury-on-Thames and a property at Stockley Business Park near Uxbridge.
Cllr Ian Harvey, Leader of Spelthorne Borough Council, said: "The acquisition of WBC4 forms part of our ongoing strategy to mitigate the withdrawal of Government funding for local authorities. As the newest stand-alone office development in the prime Heathrow area, we are delighted with this investment and the income it will generate to support services for residents in our Borough. Arora Group's Grove Developments team has been a pleasure to deal with, ensuring the development's construction is in line with the requirements of the incoming secured tenant, Amadeus."
Surinder Arora, Founder and Chairman of the Arora Group, said: "We have a long history of engagement in Heathrow Airport's World Business Centre estate and it is hugely satisfying to see WBC4 through from inception to development and sale. The disposal reflects our strategy to strengthen our portfolio by focusing on assets where we have identified the optimum fit for leveraging our Group capabilities, with the development showcasing the skill and dedication of our Grove Developments team."
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