Kingston Council is seeking to acquire Kingsmill Business Park in North Kingston – one of its key opportunity areas.
The facility in Chapel Mill Road has 20 office units and the move to buy it follows the acquisition of Kings Place and Conquest House near Kingston station, with the view to creating a new office quarter.
Kingsmill Business Park adjoins land already owned by the Council and in use as a depot, waste transfer and recycling centre.
Acquiring the property from Westbrook Partners, will provide the borough with the total ownership of the site and allow it to marry its interests with other council owned land at the rear of the site in Athelstan road, giving a potential opportunity for development of additional units.
The council currently has a portfolio of commercial properties from which it derives rental income of around £6 million. The purchase of this property would yield a net revenue income which would in turn help to reduce the Council’s medium-term budget gap.
The Treasury Committee will now need to add the acquisition to the approved capital programme, and authorise the Head of Finance-Strategy & Accounting to make arrangements for the drawdown of the necessary borrowing to finance the transaction.