Almost £150 million has been wiped off the value of Runnymede Borough Council’s remaining investment portfolio, latest figures show but what sales it has made have been above the sticker price.

The council was placed under government warning over concerns about soaring debt levels in 2023. This was lifted in December 2024 but it has continued publishing the state of its portfolio as part of transparency measures.

It shows that the council spent £487m stockpiling office space, mixed-use sites and industrial buildings that today are only worth £338m.

Debt-laden councils in Surrey, such as Woking and Surrey Heath have sold assets in an effort to pay down their loans, and Runnymede has carried out similar sales.

The sales the council has so far achieved has brought in around £2m in cash – with four of the buildings coming from its investment stock.

The council’s co-leader Cllr Robert King said it showed the work being doing since the warning was lifted to reduce corporate debt and ensure West Surrey inherited an estate that was “fit for purpose”.

The biggest fallers in value are the Pine Trees Estate in Egham, which the council bought for £81m and is now worth less than half at £37m, a loss of £44m.

The 610 office block in Chiswick High Road, London, which it purchased for £65m is now valued at £33m, a £32m shortfall.

Honeywell House in Bracknell which is now valued at £11m, £20m less than the £32m Runnymede paid for it.

The council’s flagship regeneration project, Addlestone One, beset with problems including maggot infestation and fire safety risks, cost the council £30m but is now valued at £22m.

A lack of tenants at its sites mean the council is also on pace to miss out on £2.4m in rent revenue this year.

“The current investment property portfolio was built up over several years mainly between 2015 and 2020, several of the assets have been held over the long term, a large proportion of the assets were purchased as part of the asset management strategy at the time,” papers presented to the September corporate management committee read.

“Within the investment property portfolio are two developments, Addlestone One and Magna Square, Egham which the council has undertaken itself.

“Most of the property acquisitions were funded through borrowing.”

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