Published Tuesday, 8th October 2019
Sutton Council acquires Sutton High Street properties as part of town centre regeneration plans.
Sutton Council has purchased 118 High Street which is occupied by WH Smith and 140 High Street which is the former BHS building, now occupied by H&M. These purchases form part of the Council’s ambitious plan to make Sutton High Street a destination of choice, with improved business, cultural, retail and dining opportunities.
The acquisitions will provide the Council with both rental income and the opportunity to regenerate the large vacant parts of the former BHS building. With frontages to the Times Square shopping centre, the vacant areas will be regenerated to form an innovative flexible workspace.
Councillor Sunita Gordon, Sutton’s lead member for resources, said:
“Our latest purchase of 118 and 140 High Street is central to our investment strategy and our ambition to make Sutton an even better place to live, work and raise a family. “We will be able to use these prime locations on Sutton’s high street to provide local small businesses with opportunities to access the flexible working space they need in order to thrive. “Since we made it our policy to increase property investments in the borough four years ago, we have put more than £53m into property, giving us an annual income of more than £2.5m to support council services.”
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Notes to editors
Sutton London Borough Council is the local authority for the London Borough of Sutton in Greater London, England. It is one of 32 London borough councils.
Sutton Council’s acquisition of Sutton High Street properties:
Sutton’s long lease of 118 and freehold of 140 High Street, Sutton for the sum of £8.2m is part of town centre regeneration plans to increase property investments in the borough. Both investments are part of the group of properties forming the Times Square Shopping Centre in a prime location on Sutton High Street.
Sutton Council’s investment policy:
A policy to set up an Investment Property Portfolio (IPP) was approved at the Strategy & Resources Committee of 28 September 2015 and further revised by the same committee on 29 October 2018. The aims of the Investment Property Portfolio are to support the economic sustainability of the borough and to deliver a secure medium to long-term investment return to help sustain the delivery of council services.