WAVERLEY Borough Council has kicked off its new investment strategy with the purchase of a £2.41 million business unit in the Coxbridge Business Park, Farnham.

The huge 23,500 square feet Enterprise Centre is the council’s first property purchase since setting up a new investment advisory board last October to help offset cuts to its government grant.

Waverley only unveiled the details of its investment this week, several months after councillors signed off the purchase in two behind-closed-doors meetings last December.

It is estimated the business centre will generate an annual net rental income of £150,000.

Hailing the purchase, Tom Martin, Waverley’s deputy leader and chairman of the investment advisory board, said: “Waverley’s medium-term financial strategy identifies a significant funding shortfall over the next three years.

“Despite the difficult financial challenges we face we are working to make limited resources work harder for the benefit of the community and protect vital community services.

“Investing in prime commercial properties in good locations generates valuable rental income for us and brings good returns for our money.

“Not only is the property a fantastic asset, with excellent tenants, but it allows us to continue to support the economy and protect the long-term future of local business premises. It’s a win win for us, residents and the businesses of Waverley.”

Commercial property agents Vail Williams advised and acted for Waverley in the acquisition.