In a strategic financial move, West Berkshire Council is set to sell its commercial property portfolio valued at up to £62 million. The portfolio, which includes a variety of assets such as supermarkets, commercial warehousing, a bank, and a petrol station, is a part of the council’s plan to reallocate financial resources and support its approved spending programme.

Despite the challenging economic environment impacting property valuations, the council’s portfolio continues to generate substantial revenue, contributing approximately £1 million annually to the council’s budget. The sale aligns with adjustments in capital financing costs and is anticipated to streamline the council’s asset management, enhancing operational efficiencies.

The recommendation for the sale comes in the context of variable interest rates from the Public Works Loans Board, with the intent to maximise future financial stability for the council. The strategic divestment is poised to provide an injection of capital, circumventing higher financing costs on the council’s revenue budget, and positioning it for a stronger financial pathway ahead.