Surrey Heath Borough Council has completed the purchase of the freehold of the House of Fraser and NatWest building in Camberley town centre for £17.6m.
Following last month’s £86m acquisition of the Capital and Regional town centre property portfolio, which included much of The Mall Shopping Centre, this latest purchase is an important part of the Council’s strategy to deliver on its key priority of regenerating Camberley town centre.
The Council bought the property at 45-51 Park Street, which currently houses NatWest and House of Fraser, from the M & G Property Portfolio, in a deal funded through local government borrowing.
Cllr Moira Gibson, Leader of Surrey Heath Borough Council, said: “This latest purchase is further evidence of the Council’s commitment to invest in Camberley, and gain control of strategically important assets to drive regeneration of the town centre.”
Property advisers Montagu Evans and legal advisers Addleshaw Goddard acted for SHBC in the deal.