Investment programme

In line with our Commercial Strategy, we have acquired a number of property assets across a range of sectors (it is not investing in tenants or companies). We have done this by taking out fixed rate loans, which are then repaid from the rent paid by the tenant. Uttlesford council taxpayers do not directly fund these purchases.

Our Commercial Strategy 2024-2029 (PDF) [3MB] provides the latest information.
 

Our investments

We have a number of current investments.

Chesterford Research Park, Little Chesterford

In May 2017 we, through our wholly owned subsidiary Aspire (CRP) Ltd, acquired a 50% share in Chesterford Research Park and formed a joint venture with Aviva Investors. As part of the Cambridge Life Science cluster the Park is world renowned, having been in existence for 19 years, with available space to significantly increase the commercial floor space, plus expand the Park into other areas of research to diversify and reduce the risk.

In August 2023 Council approved a request from Aspire (CRP) Ltd for additional borrowing of £21,060,000 to fund the 50% share of the new build that is known as Building 800 and the development of phase 1 of the solar farm. Plans are also being developed for a similar sized building to Building 800 (to be known as Building 1100/1200).

Skyway House, Takeley

On 30 June 2020 we completed the purchase of Skyway House at Takeley. The tenant is Weston Homes Plc who have signed a 25 year lease with no break clause.

 

Stane Retail Park, Colchester

On 4 August 2020 we completed on the forward funding opportunity at Stane Retail Park on the outskirts of Colchester adjacent to the A12. This development saw the construction of two buildings, one for Aldi and the other for B&Q located on an extension to the existing site. Aldi has signed a 25 year lease with a break option at year 20 (2041). B&Q has signed a 15 year lease with no break and a tenant right to renew option.

1 Deer Park Road, Livingston

On 21 August 2020 we completed on the acquisition of 1 Deer Park Road, Livingston. The tenant, Veterinary Specialist (Scotland) Ltd had recently taken occupation and final fit out was taking place. The lease is for 20 years with no break.

The tenant is currently going through a Board approval process to develop the second and third floors of the building into a training facility for both vets and veterinary nurses.

Matrix Park, Chorley

On 16 September 2020 we completed the purchase of a large logistics building on Matrix Park, Chorley adjacent to the M6.

The tenant is Waitrose Limited who have a 30 year lease with no break option expiring in 2042. Waitrose have fully sub-let to GXO a worldwide distribution company.

Distribution warehouse, Gloucester

We completed the forward funding acquisition in March 2021 for a large scale distribution centre. The tenant is Amazon and they will use it as a 'final mile' van based distribution centre.

Occupation by the tenant is delayed and it is likely they will look to sublet the facility for a number of years before they themselves take occupation. The lease is for 15 years with a break ending in 2037.

Headquarters, Tewkesbury

In March 2021 we acquired a site in Tewkesbury for a new build head office and warehouse. The tenant will be Moog Controls Ltd.

The lease started in May 2023 and is for 35 years with no break and a tenant option to extend for a further 15 years.

How the investments are made

Every investment opportunity follows a due diligence and governance process. This includes consideration by an Investment Board, which has 2 independent members. The final decision is ultimately taken by all councillors at a meeting of Full Council.

We also have an  Ethical Investment Policy (PDF) [202 KB].