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Councils splurge £4bn on property to reverse town centre decline

Local authorities spent around £3.8bn on commercial property assets between 2013 and 2017 in an attempt to stave off the decline of the UK’s town centres, it emerged in a report published this morning.
By James Buckley
April 12, 2018 | 12:49 P.M.

The report, from Carter Jonas and Revo, reveals that Spelthorne Borough Council in Surrey, which contains the towns of Ashford, Shepperton, Staines and Sunbury, was the biggest local authority investor committing £477.1m to assets within its domain. This is more than double its nearest rival Warrington Borough Council (£219.5m) and is largely down to the purchase of BP’s International Centre for Business & Technology in Sunbury for £360m.

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News | Councils splurge £4bn on property to reverse town centre decline