Warehouse in Bury St Edmunds purchased by the borough council for £4m
Just weeks after announcing that it is buying the former Crown Post Office building in Bury St Edmunds, St Edmundsbury Borough Council has announced another long term investment helping to deliver income to support the future proofing of public services.
The borough council has secured the purchase of a 3.26 acre warehouse in Olding Road for £4m. The building is used to support the NHS Logistic operations for East Anglia, by DHL Supply Chain Ltd who have recently signed a new lease.
John Griffiths, leader of St Edmundsbury Borough Council said: “This is another example of the council behaving strategically and commercially to secure a property that is both a sound investment, generating income which will help support the delivery of day to day services and in the long term should drive growth, efficiencies and jobs in the area.
“This acquisition stacks up financially. It was the only missing piece on the Monopoly board of properties and land we already own and control in the area. This means we can get a better return on the overall investment while unlocking our long term ambitions to bring public sector organisations together, improve their effectiveness and bring further employment and other opportunities to this part of West Suffolk.
“We are, of course, supporting the companies, partners and their staff who use these buildings to make sure their jobs and business remain in West Suffolk. DHL remain tenants of the building and we will continue to work with them to assist them in the future.”
Alaric Pugh, Cabinet Member for Planning and Growth at St Edmundsbury, said: “In the longer term, this also gives us the flexibility, the opportunity and the control to deliver on our long held ambitions set out in the Western Way Masterplan – ambitions that are about achieving a greater co-ordination of services with other public sector organisations and with it the opportunity for us all to think about how we can innovate to deliver these services more effectively.”
The purchase follows an independent market valuation of the large warehouse building and a unanimous vote by full council to press ahead with the acquisition.