Woking Borough Council acquires Wolsey Place

22 February 2010

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Woking Borough Council has become the sole owner of Wolsey Place to strengthen the economic vitality of the Borough through improving job opportunities and enhancing the shopping, cultural and entertainment experience for residents and visitors.

Wolsey Place, which includes Alexander House, Export House, 65 shops and the residential units above them, is a key town centre asset that will help secure the future economic vitality of the town. As sole owner of the centre, the Council will generate £1.5 million a year profit after all costs. This will help protect local services and benefit the community, both today and in the future.

The Council has owned the Freehold of Wolsey Place since it was first built in partnership with Norwich Union (now Aviva) and receives 19% of the rents paid by businesses and residents in the centre. The Public Works Loan Board has financed the Council's acquisition of the remaining 81% interest in Wolsey Place from I. M. Properties for £68 million.

The acquisition received extensive cross-party support at a Special Meeting of the Council on 2 February 2010; the acquisition was completed on 19 February 2010.

Speaking about the decision, Woking Borough Council's Leader of the Executive, Cllr John Kingsbury, said: "The acquisition of Wolsey Place is a significant step towards underpinning the medium to long-term financial stability of the Council and strengthening the economic vitality of the town. With this key asset under our control, we hope to attract new retailers into the town and generate more jobs for local people. We will also be able to influence and shape the future development of Woking Town Centre."

Cllr Richard Sharp, Deputy Leader of the Liberal Democrats, added: "Local councils are operating in challenging financial times and we need to seek alternative ways of generating income. This acquisition puts the Council in a much stronger position as we venture into a future where councils need to do even more with even less. By making this investment in Wolsey Place, the Council will become more financially independent and better able to protect services for residents and future generations."

The day-to-day operations and staffing arrangements within Wolsey Place are not affected by the acquisition.

Additional information

About the Public Works Loan Board

The Public Works Loan Board (PWLB) is a statutory body operating within the United Kingdom Debt Management Office, an Executive Agency of HM Treasury.

PWLB's function is to lend money from the National Loans Fund to local authorities and other prescribed bodies, and to collect the repayments.

For further information, please visit www.dmo.gov.uk/index.aspx?page=PWLB/Introduction