Spelthorne Borough Council has announced the purchase of the freehold of a commercial property in West London.
Comprising 43,110 sq. ft., the office building is situated in Stockley Park in Uxbridge and occupied by two tenants - Verifone Ltd. and Cargo Logic Management Ltd. (a wholly owned undertaking of Volga Dnepr).
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 a significant step in Spelthorne Council's plan to tackle the cuts. Previous acquisitions by Spelthorne Borough Council include the BP campus in Sunbury-on-Thames in September 2016 and Elmbrook House, also in Sunbury, in January 2017.
Leader of the Council, Cllr Ian Harvey, said: "I am delighted that we have been able to secure this excellent investment property which fits well in our strategy and brings further financial benefits to the residents of Spelthorne.
"This is a high quality commercial property which, although not in Spelthorne itself, falls within our local economic area and enjoys an almost unrivalled location, close to the M4, Heathrow and London. Importantly, the building comes with two secure tenants and the arrangement will generate an income which will enable us to continue to fund vital services for residents. Spelthorne Borough Council is a leading but prudent local authority investor in commercial property, and features the 'mould breaking' BP Sunbury International Campus in its portfolio.
"We concluded this transaction very speedily and I thank all parties involved."
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