Major asset sales continue council’s financial recovery

The sales represent a major step in the council's programme to reduce borrowing, strengthen its financial position and create a more sustainable future ahead of the formation of West Surrey Council in April 2027.

To date, the council has completed or exchanged asset sales totalling £72 million, with a further £54 million currently under offer, demonstrating the significant progress already made through the council's asset disposal programme.

Assets approved for sale during Wednesday’s Executive include the Triangle site in Woking town centre, Goldsworth Park Shopping Centre, 63-75 Commercial Way, 127-137 Princess Road and assets held by Monument Way West Holdings.

As well as generating capital receipts to reduce debt, several of the asset sales will help unlock future investment and redevelopment opportunities, such as the Triangle site, a prominent gateway into Woking town centre where new proposals could transform a largely vacant site.

The sale of Goldsworth Park Shopping Centre and a number of commercial and industrial holdings is also expected to provide opportunities for further investment by new owners, helping to support local businesses and contribute to the borough's economic future.

Cllr Dale Roberts, Deputy Leader and Portfolio Holder for Finance and Economy, said: 

These significant decisions demonstrate the continued progress we are making with our Improvement and Recovery Plan and our continued commitment to addressing the council's financial challenges.

Together, the approved sales will generate much-needed income that will be used to reduce our overall debt burden and help unlock future investment in a number of key sites across the borough.

These sales are about more than just financial recovery. They create opportunities for investment and economic growth, whilst ensuring that the council is in the strongest possible position ahead of the creation of West Surrey Council in April next year.

With Executive approval, the council will now work with the preferred purchasers to complete the transactions.

Read the Executive reports and watch a recording of the meeting.

A list of completed asset sales to date can be viewed below.