Somerset council buys building in Welwyn Garden City for £9.7m
PUBLISHED: 17:57 08 January 2020 | UPDATED: 10:49 09 January 2020
Alchemy Offices in Welwyn Garden City have been bought by South Somerset District Council (SSDC) for £9,730,000.
The council announced it had acquired the office location as part of its commercial strategy on Monday.
The building, which is only half a mile from the railway station, offers 38,880 square feet of office space.
SSDC's portfolio holder for commercial strategy, Cllr John Clark, said: "This is an important investment for the council, with a high quality building and tenants in an area where we can expect to see rental growth.
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"The substantial income from this property will go a long way to securing local public services."
Alchemy offices is the most recent purchase from the SSDC, which has already spent £68 million on speculative property investments.
Welwyn Hatfield Borough Council leader Tony Kingsbury said: "For us the priority is investment in our borough, especially where it links to our wider ambitions.
"For example, we have spent in excess of £20m acquiring commercial properties in Welwyn Hatfield, allowing us to make significant progress in the regeneration of our town centres.
"We had considered the Alchemy building as an investment opportunity and decided that it was not right for us at this time, but it's not for us to comment on the decisions of other local authorities.
"Obviously it's good news that the borough continues to attract inward investment and people recognise the attraction of living, working and studying in Welwyn Hatfield."