Wokingham pays £14.9m for Waitrose store
0Wokingham Borough Council has paid £14.9m for a Waitrose store in its town centre.
The council purchased the building from Waitrose’s parent firm John Lewis Partners and let the building back to Waitrose for 20 years, with reported 2% annual rent increases.
Stuart Munro, executive member for business and economic development at the council said the investment was part of a £100m property investment fund created in September 2017.
He said: “In the last year we invested around £47m from which we are now generating an annual income of more than £2.6m.
“That’s a fantastic return of over 5.5% on our investment, five times more than the 1% return we would get if we simply put this money in a bank.”
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