Slough to buy more property

The policy of the council buying properties in Slough which can be used for regeneration or provide an income is likely to be extended.

The council’s Cabinet are set to approve another £25 million for the policy – known as the strategic acquisitions strategy – due to the perceived success of the first year.

Since the strategy was put in place in 2015, the council has spent £13.6 million on commercial properties in the town – which has generated an income of £596,775 for the authority during this financial year.

Another £9.2 million has been set aside for other specific projects – which will also generate around £500,000 a year.

The council is now set to agree for another £25 million to be put in the pot and for the council to look at buying property outside of the borough.

Councillor Sohail Munawar, leader of the council and commissioner for finance and strategy, said: “Where our budget for services is stretched, investing capital money – the money we have for buildings and infrastructure – into property which provides an income which can go directly to services is an excellent strategy and one that has proved successful over the past year.

“Buy adding in more capital money, we can increase our buying of high-quality strategic properties which are of benefit to our regeneration plans or can provide an income stream for the council – meaning we can continue to provide the services so important to our residents.”

Some of the properties already bought by the council include WHSmith and Savers on the High Street and Halfords on the Bath Road in Cippenham.

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