Multi-million pound asset to be sold by authority

A council will sell a multi-million pound asset that it owns outside its area but has not yet confirmed what it is.

Bracknell Forest Council currently owns six commercial sites across England, which includes offices in Sheffield and a retail park in Lincoln.

The sites were bought as part of the council's Commercial Property Investment Strategy (CPIS), that saw about £87m spent and has earned the authority about £3m a year since 2019/20.

The authority's cabinet approved the sale of one of the assets last month but has not announced which one of the six it is due to commercial sensitivity.

A report into the sale states that the tenant intends to purchase the site at the end of its lease, with its offer considered to provide the best value for the council.

Helen Purnell, the deputy leader of the council, said she wanted to keep decision making "open and transparent" so the formal decision to sell was reached in public at a cabinet meeting. It was supported unanimously.

Purnell, who chaired the 16 December meeting in the absence of the council's leader Mary Temperton, said: "The CPIS has delivered strong financial returns since 2016, helping us to protect core services.

"This disposal represents best value and reduces future risk," she said.

"Crucially, it supports our community strategy by safeguarding financial resilience, the foundation that enables us to invest in connected, inclusive and healthy communities across Bracknell Forest."

The other assets the council owns are a warehouse in Stowmarket, Suffolk, an office in Southampton, a warehouse in Redditch, Worcestershire, and offices in Northampton.