Bankrupt council shortlists former HQ buyers

St Martin's Place has been vacant since 2020

A council said it has received "considerable interest" in its former headquarters after putting the building up for sale earlier this year.

"Detailed discussions" were taking place with shortlisted parties, Slough Borough Council said.

The authority said it had received bids for St Martin's Place "in excess" of its expectations, which it said reinforced the Berkshire town as a "key real estate investment destination".

The building, which was the council's HQ for about 12 years but has been vacant since 2020, was put on the market in February as the authority tries to claw back massive debts.

The council has been selling off tens of millions of pounds worth of buildings and other assets since it declared bankruptcy in 2021, with £760m of borrowed debt.

Outside commissioners were brought in to try to repair its shattered finances.

In July, the latest in a series of reports by the commissioners said the council's finances "continue to be of a significant concern".

Slough Borough Council is currently based at Observatory House in Windsor Road, which it bought for £39m in 2018.

It said business rates, security and other charges for St Martins Place, on the corner of Bath Road and Montem Lane, totalled about £500,000 a year.

Announcing the sale of the site in February, the council's leader Dexter Smith: We have taken the decision St Martin's Place is surplus to our requirements and it has gone on the open market.

"As with all our assets, we will be looking at getting the best value in terms of a financial return but also what brings most benefits to local people."