Published: Friday, 10th February 2017
Sevenoaks District Council has purchased a shop and office complex in Sevenoaks High Street as part of its drive to remain financially self-sufficient.
The Council completed the purchase of the property at 96 High Street on 9 February 2017 at a cost of £4.1million.
By acquiring the property, the Council will generate additional income with the potential to add value in the future. The three-story property consists of a retail unit on the ground, leased to M&Co, and 630 square metres of office space above which is spread over two floors.
Cllr Peter Fleming, Leader of Sevenoaks District Council, says: “This property purchase demonstrates our faith in the vibrancy of the District's retail economy over the coming years. In the short term is also allows us to bring some much needed parking back into use before we bring forward redevelopment plans in the future.
“Income from this property will be invested in the services we deliver to our residents. This is more important than ever as we no longer receive any funding from the Government. This purchase, together with our other property acquisitions, will help ensure we continue to protect our popular services used by our residents."
The Council were advised by Savills. The property was sold on behalf of administrators at Deloitte, advised by Strutt & Parker.