The sale of town centre shops has been agreed as Surrey Heath Borough Council continues its cost cutting efforts.

The charity aid store site in Obelisk Way, Camberley, has been a loss-maker for the financially troubled authority and that situation was set to get worse after the Phyllis Tuckwell Memorial Hospice vacated the building on September 1.

Concerns that the sale could collapse after the original bidder pulled out were quickly set aside after an alternate stepped in with “an excellent bid compared to the value of the property”.

Obelisk Way had originally been approved for sale in September 2025. However, that deal soon hit the rocks and the site had to be re-marketed.

The exact price of both the initial successful bid, and the subsequent follow-up, have been kept confidential by the council.

The site takes up three floors and eight car parking spaces. It also hosted three retail units.

“The building produced gross income of £45,015 in the year ending March 2026. However, after landlord’s costs for service charge and rates there is a negative net operating income position of £8,854. 

“This position will further deteriorate by £31,612 following Phyllis Tuckwell Memorial Hospice Limited exercising their break option and vacating the property on 1 September 2026”, papers presented to the September 15 executive committee read.

The site was put up for sale as part of the council’s efforts to slash £1.74m from its 2025 budget.

Councillor Kel Finan-Cooke, property and economic development portfolio holder, said: “Unfortunately, as I’ve learned over the years, this happens with property sales, people make a bid and then when you get to the jigs and the reels, things just don’t go through. It’s common, it seems to happen with every land sale.

“It’s an excellent bid compared to the value of the property and we very much recommend that this executive approves it.”

Members had previously heard that the building required substantial repairs in the near future which would mean unavoidable capital expenditure for the council and that it was more valuable to be sold off separately with the potential to convert the current retail use into a mixed residential scheme.

West Surrey Council will be required to give the deal final sign off as part of the local government reorganisation transfer of powers.

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