Councils on billion pound commercial property spending spree
Tue 28th August 2018, 2:23 pm
According to research, local authorities have spent £4.1 billion on commercial property in the past four years.
According to a report by Savills, local authorities have already spent nearly a billion (£994 million) on commercial property so far in 2018, almost eclipsing the total spend in 2016, which was £1.014 billion.
In 2017, councils spend nearly £1.846 billion on offices, industrial, retail and leisure buildings.
The largest investor among local authorities is Spelthorne Council, which purchased £620 million worth of commercial property. This figure does not include the council’s most recent purchase, consisting of a £285 million office portfolio from Landid and Brockton Capital in the Thames Valley.
Other local authorities that have significant investments in commercial property are:
Runnymede (£217 million)
Warrington (£215 million)
Canterbury (£155 million)
City of London (£142 million)