03:00PM, Thursday 29 August 2019
The Waitrose building in London Road could be open to ‘mixed use development’ in the future following its sale to Wokingham Borough Council, according to a director of an agency involved in the deal.
In a statement released after the sale earlier this month, James Cogavin, investment director at Lunson Mitchenall, the company acting for the council, said: “The asset sits on an important 2.6 acre site in Twyford, which gives the council regeneration options in the future. The opening of Crossrail in Twyford will be a ‘game changer’ for the town and it may open up the centre to interesting possibilities in the future for mixed use development.”
Lunson Mitchenall said the building, which was purchased by WBC in a £14.87 million deal, has been secured to Waitrose on a 20-year lease which includes two per cent fixed annual increases.
In a video posted on Twitter, leader of the council John Halsall said: “We are the lowest funded unitary in the county and therefore in order to maintain our services which we have done we need to find income from other sources other than council tax.
“The income from the property portfolio is now generating £3million a year which is very helpful.
“But it also is a key asset in Twyford, a town which we’re starting to look to regenerate. This with the re-development of the library is a start.”
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