Published: 18th Feb 2019

A borough council in Surrey which made national headlines after investing almost £1bn in commercial properties is set to switch its focus to providing affordable housing. Spelthorne Borough Council’s cabinet is due to meet on Wednesday (February 20) to discuss a new capital strategy, which aims to build more than 600 units over the next five years. According to the new strategy, the council now has a property portfolio worth around £933m, which generates an annual income of around £10m for the local authority. The document estimates that ‘about half of our budget’ for 2019/19 will come from property investments. In September, the council announced the purchase of the Charter Building in Uxbridge, the Porter Building in Slough and Thames Tower in Reading for £285m. But the new strategy also states the council now wants to switch its focus to building affordable housing. ‘The council’s finances are now more stable,’ … (To read the full article, subscribe below)