Published: 13th Oct 2020

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 … (To read the full article, subscribe below)