Elmbridge Borough Council has acquired units 1 and 2 Vickers Drive in Weybridge at a cost of £13.81 million, a property used by John Lewis to distribute goods throughout the south east of England. Strutt & Parker advised Elmbridge Borough Council on the purchase and CBRE advised the vendor, Aberdeen Asset Management.
The Vickers Drive property on the Brooklands Industrial Estate in Weybridge, is representative of the Council’s continued focus on economic development and its commitment to investing in a vibrant Elmbridge economy through initiatives such as business start-up funding, the Elmbridge Civic Improvement Fund and direct property acquisitions.
Commenting on the property acquisition, Councillor Chris Sadler, Portfolio Holder for Resources, said: “As a Council at the heart of the Elmbridge community we are determined to support the economic development of the Borough. Purchasing units 1 and 2 Vickers Drive in Weybridge is part of our Property Acquisition and Investment Strategy which is designed to contribute to the overall economic growth of the Elmbridge, as well as to help strengthen the financial resilience of the Council.”
With grant funding from Government having been reduced in recent years and uncertainties about future funding levels, Elmbridge Borough Council is planning to become more financially resilient so that it is less dependent on Central Government for its funding. An important element of this plan is to invest in local income-producing commercial property, which increases our overall revenue income, which in turn helps us fund our vital services. This purchase is being funded through a combination of internal resources and external borrowing from the Public Loans Works Board.