The two adjacent units comprise a total area of 87,170 sq ft and are situated on a four acre site. Both units are let to John Lewis plc and produce a passing rent of £700,000 per annum, equating to £8.03 per sq ft with a rental uplift in March 2018 and unexpired lease term of 6.65 years.

The Vickers Drive property on the Brooklands Industrial Estate in Weybridge, is representative of the Council’s continued focus on economic development and its commitment to investing in a vibrant Elmbridge economy through initiatives such as business start-up funding, the Elmbridge Civic Improvement Fund and direct property acquisitions.

Commenting on the property acquisition, Councillor Chris Sadler, portfolio holder for resources, said: “As a council at the heart of the Elmbridge community we are determined to support the economic development of the borough. Purchasing units 1 and 2 Vickers Drive in Weybridge is part of our Property Acquisition and Investment Strategy which is designed to contribute to the overall economic growth of the Elmbridge, as well as to help strengthen the financial resilience of the council.”

With grant funding from Government having been reduced in recent years and uncertainties about future funding levels, Elmbridge Borough Council is planning to become more financially resilient so that it is less dependent on Central Government for its funding. An important element of this plan is to invest in local income-producing commercial property, which increases our overall revenue income, which in turn helps us fund our vital services. This purchase is being funded through a combination of internal resources and external borrowing from the Public Loans Works Board.

James Fairweather, head of industrial and logistics at Strutt & Parker, who acted for Elmbridge Borough Council added: “In line with Elmbridge Borough Council’s plan to acquire local property we were able to identify and advise on a strategically located investment providing a secure income and good growth prospects.”

Elmbridge Borough Council was represented by Strutt & Parker; CBRE acted on behalf of Aberdeen Asset Management