Council property sales made fraction of what it hoped

The council said it sold the former Buzz Bingo site for £5m in 2023

A council that had hoped to raise £600m in property sales made only about £4.2m in the first six months of 2024.

Slough Borough Council said it wanted to make £400m by March 2024 after it was effectively declared bankrupt in 2021 and another £200m after that.

But between 2021 and March 2024, it only raised £223.5m.

Its most lucrative sale was the former Akzo Nobel site in Slough, which sold for £143.75m in November 2022.

Earlier this month the Local Democracy Reporting Service (LDRS) said the council felt the £600m target was no longer realistic because of “a number of external factors such as market conditions and interest rates borrowing”.

By the end of May 2024, it had only sold three properties this year, raising about £4.2m.

They included the site of the Merry Makers pub and 313/323 Trelawney Avenue in Langley, which were sold for £2.91m on 28 March.

The sales also included a former GP surgery at 10-12 Wheelwrights, in Slough, which was sold for £429,000, and a former car park and garages at Sheehy Way. That was sold for £850,000.

Both those properties were sold on 31 May.

Slough Borough Council was effectively declared bankrupt in 2021

The assets sold by the council since November 2022 and the money paid for them are:

• 21 Roydsdale Way, Bradford, sold November 2022 - £14.9m

• Akzo Nobel site, Slough, November 2022 - £143.75m

• Odeon, Basingstoke, November 2022 - £3.62m

• Wickes, Wolverhampton, December 2022 - £6.8m

• Lavender Farm, Slough, December 2022 - £1.775m

• Waitrose, Stoke Road, Gosport, December 2022, £1.7m

• North West Quadrant site, Slough (sold to Homes England), March 2023 - £23m

• Bath Road (Buzz Bingo), Slough, June 2023 - £5m

• 223-249 High Street (previously Wilko), Slough, July 2023 - £2.85m

• 380 Bath Road (Halfords), Slough, May 2023 - £4.155m

• Montem site, Slough, August 2023 - £6.445m

• Earl of Cornwall pub, Slough, August 2023 - £831,000

• 3/5 Mackenzie Street, Slough, August 2023 - £460,500

• 7 Mackenzie Street, Slough, August 2023 - £370,500

• 4 Ragstone Road, Slough, August 2023 - £363,500

• 100a Wexham Road, Slough, August 2023 - £438,000

• 314 High Street, Slough, September 2023 - £275,000

• Land r/o 7-9 Elliman Avenue, Slough, September 2023 - £376,000

• 546 Bath Road, Slough, September 2023 - £503,500

• 1-7 Trelawney Avenue Independent Court, Slough, September 2023 - £579,000

• 150-160 Bath Road, Slough, October 2023 - £953,000

• 22-26 Windsor Road, Slough, October 2023 - £936,143

• Unit 26 Wexham Business Village, Slough, November 2023 - £426,500

• Serena Hall, Slough, November 2023 - £878,000

• Units 27-28 Wexham Business Village, Slough, November 2023 - £562,000

• Site of Merry Makers pub and site of 313/323 Trelawney Avenue, Langley, March 2024 - £2.91m

• 10-12 Wheelwrights, Slough, May 2024 - £429,000

• Sheehy Way site, Slough, May 2024 - £850,000