Surrey Heath Borough Council has purchased St George’s Industrial Estate on Frimley Road in Camberley.
The purchase, agreed at a sale price of £8million, has been made to support and promote the local economic growth of the borough, as well as provide for better effective use of Pembroke House located on the site. The purchase of the estate, comprising 23 industrial units, is expected to generate income for the council in the region of £560,000 per year through industrial use rent, helping against a background of reduced funding for the public sector.
Councillor Moira Gibson, Leader of Surrey Heath Borough Council, said: “The purchase of the estate supports the council’s Property Acquisition Strategy that aims to invest in property assets as well as assisting with the economic development of the borough. Properties are held for a number of reasons including economic regeneration, supporting business enterprise in the borough and stimulating growth, in addition to income generation.
“Acquiring the estate assists with the overall economic wellbeing of the borough, in particular the regeneration of Camberley town centre which is a key priority of the council.”