04:30PM, Wednesday 14 August 2019
The Waitrose building in Twyford has been bought by Wokingham Borough Council in a £14.87 million deal.
The supermarket is set to remain in place, at least in the short term, with Cllr Stuart Munro, the executive member for business and economic development, confirming it has a ‘fairly long lease’ for the site.
Discussing the deal with Advertiser, Cllr Munro said: “It’s happening at quite a few Waitrose stores. They’ve sold them and basically leased them back so its quite a normal business practice.”
He added: “Its staying as a Waitrose – Waitrose has taken out a fairly long lease with us – but who knows? Who knows what will happen in the future?”
The purchase was made the council’s commercial property investment team, which was set up in early 2018 after the executive approved a £100m investment fund in September 2017.
It stated aim is to secure long long-term income investments for the council to use to fund services for local residents.
In a council press release, Cllr Munro said: “With ever increasing pressure on our budget it’s critical that Wokingham Borough Council looks for opportunities to become more commercially minded and find ways to make the money we do have work better for residents.
“A key focus is to invest within the borough so an opportunity like this, right in Twyford town centre, fits perfectly with our strategy. Waitrose are a strong tenant and we are glad to have secured this site for our residents, community and long term revenue.”
In a statement Waitrose said ‘nothing will change from a customer perspective’.
The £14.87million figure includes associated fees.
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