Warwickshire County Council has purchased a seven-storey office building in Bedworth for an undisclosed price.
The Council has bought the long lease on Kings House, which is situated in King Street in the town centre, from the King Henry VIII Endowed Trust, which instructed commercial property agents D&P Holt to act on its behalf.
Warwickshire County Council had previously occupied the building on a 15-year lease and part of its Communities and People Groups are based there.
It also provides a “hot-desk” base for mobile staff to use when they need to be in the office.
The council will continue to utilise the building in that way but at a dramatically reduced cost now it owns the property.
Cllr Alan Cockburn, Warwickshire County Council’s portfolio holder for property, said: “The building provides us with an excellent base in the north of the county and when the opportunity came along to purchase the property’s long leasehold, it made perfect sense.
“It will deliver cost savings – something the council is working hard to achieve across the board – in the short, medium and long-term and also provides the council with an asset rather than a liability. We are delighted, therefore, to have completed the deal to purchase Kings House.”
Luke Hedderwick, of D&P Holt, who acted for the vendors on the deal for the 24,225 sq ft property which also included car parking spaces, said: “This is positive news all round. The King Henry VIII Endowed Trust were in a position where they wanted to sell the property and it made perfect financial sense for Warwickshire County Council to make the purchase.
“We are delighted to have played our part.”