Councils buy £3.8 billion in commercial assets
by Huub Nieuwstadt Tue 17th April 2018, 11:34 am
According to new research, local authorities have spent £3.8 billion on acquiring commercial properties throughout the UK.
The report, published by retail membership body Revo and consultancy Carter Jonas, found that Spelthorne Borough Council in Surrey was the biggest investor, mostly due to its purchase of BP's International Centre for Business and Technology in 2016 for £316 million.
Other significant local authority investors are Warrington Borough Council (£219.5 million), Surrey County Council (£162.4 million) and the City of London Corporation (£137.2 million).
Nearly half of the £3.8 billion was invested in office space (£1.7 billion). Retail space accounted for nearly £1.2 billion of investment with the remaining amount going to industrial, leisure and mixed uses.