News - Midlands
Council spends £18m on London property
Staffordshire County Council has purchased a property in London for more than £18m.
The authority exchanged contracts for the sale of 16 Upper Woburn Place, London, with property fund manager and investor Warner Estate. The sale was agreed for £18.1m, despite the property's book value of £19.35m.
It is expected the deal will be completed today (12 August).
Warner Estate said the property contributed £1m of net annual rent in the year ended 31 March 2011. The net proceeds from the sale of £17.4m will be utilised to reduce the group debt, said the company.
The London-based property investor confirmed that the Upper Woburn Place property was the site referred to as being under offer in its announcement on 29 July 2011.