WOODLEY Waitrose has become Wokingham Borough Council’s latest investment as it seeks to boost its finances during the pandemic.
It has spent £9.65 million to purchase the development on Crockhamwell Road, which also includes New Look and the land alongside nearby car park.
The site will remain leased to Waitrose, which will remain open.
“Waitrose is a fantastic business and, like so many foodstores, has continued to trade strongly over the last year despite the impact of Covid-19,” said Cllr Stuart Munro, executive member for business and economic development at Wokingham Borough Council.
“We were very pleased when the opportunity came up to purchase the site.
“Not only is it a great financial investment that will help us fund essential services for residents, it is also an important strategic site which will help us better support the town centre for years to come.”
The borough council also purchased Twyford House on London Road earlier this year – the site cost £2 million.
“Since the beginning of the year, the cost of providing services during the pandemic has continued to grow significantly with many more residents and businesses needing extra support,” Cllr Munro continued.
“Projects like the investment programme are really coming into their own and are critical in helping the council fund local services while the country continues to work its way through the current crisis.”
The goal of the investment strategy is to avoid using taxpayer funds.
The councillor added: “So far, it’s proving a great success with our investments already generating around £1m profit a year and set to grow to over £1.5m following our latest purchases.
“And this is all extra money, which isn’t dependent on council tax or government grants, and contributes to the funding of key council services like local care and improving our roads.”
