Town centre shops sold to pay down council debt

Surrey Heath Borough Council has sold the retail site in Obelisk Way, Camberley

Town centre shops have been sold off to help a council pay down its debts.

Surrey Heath Borough Council has agreed an undisclosed price for the sale of its retail site in Obelisk Way, in Camberley, which includes the Charity Aid Store, Tivoli Interior Designs and the Phyllis Tuckwell Hospice Care charity shop.

Kel Finan-Cooke, the cabinet member for property and economic development, told a meeting that the site was losing £4,500 per year despite being fully occupied.

She said it would be "more valuable to be sold off separately with the potential to convert the current retail use into a mixed residential scheme".

According to the Local Democracy Reporting Service, the council aims to make £1.74m of savings in 2025 on its way to tackling a £3.14m budget deficit.

Finan-Cooke said the building would "require substantial repairs in the near future, which would mean unavoidable capital expenditure".

A future proposal to redevelop the site could "create homes as well as reducing the oversupply of retail within the town centre", she added.

The council said it could offer the three current business tenants alternative spaces within Camberley town centre.

Jonny Cope, deputy leader of the Conservative opposition group, said: "I think this is quite a sensible disposal."

The site was listed in May alongside a part of a car park on Sullivan Road in Camberley, which has also now sold.