News

Councils spend £3.8bn on commercial property in five years

By 2018-04-12T11:35:00

Birchwood Park Warrington

Councils spent £3.8bn on commercial property between 2013 and 2017, according to a new report by retail membership body Revo and consultancy Carter Jonas.

Spelthorne Borough Council in Surrey was identified as the biggest investor, committing £477.1m to assets in its area. This was mostly due to the acquisition of BP’s International Centre for Business & Technology in Sunbury for £360m in 2016.

The figure is more than double the £219.5m that the next biggest investor, Warrington Borough Council, spent over the same period. That local authority acquired Birchwood Park from Oaktree Capital Management for £200m last year.

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