Uttlesford buys innovation centre for £20m

Uttlesford District Council has bought the headquarters of the housebuilding firm, the Weston Group for £20m.

According to the local authority, the newly-purchased Weston Innovation Centre in Takeley will serve as a ‘long-term investment asset’.

As part of the deal, the council will lease the building back to the Weston Group and receive an annual net rental income of approximately £600,000 per year over the 25-year lease period.

To fund the project, the council is using a mix of interest-only and fixed borrowing. This follows a robust process of due diligence by commercial agents Mark Liell and international law firm Hogan Lovells.

The quality and governance of the investment has been overseen by the council’s cross-party investment board, which includes two independent members.

‘This is an excellent investment which will help the long-term financial stability of the council,’ said portfolio holder for the economy and investment, Cllr Neil Reeve.

‘It means we can ensure vital core services can keep running as well as giving the opportunity to put more money into important areas such as the climate change agenda.

‘Each potential investment goes through a robust assessment process so residents can be confident that only those which meet our exacting standards will be progressed.’

The council’s acquisition of the Weston Innovation Centre coincides with the official opening of the new building.

The facility boasts a hotel-style entrance, brasserie restaurant, bar/lounge, multi-storey atrium with designer staircase, and gymnasium with luxury changing facilities. It was built by Weston as an addition to its existing business park complex, near to Stansted Airport.

The council’s investment is one of several to have been completed in recent months – other projects include the purchase of a veterinary hospital, a retail park and a regional distribution centre.

Further investment in Chesterford Research Park, in which the council owns a 50% share, is also planned.

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