Uttlesford District Council buys new Weston Group headquarters in Takeley

The Weston Innovation Centre, Takeley. Picture: Uttlesford District Council

The Weston Innovation Centre, Takeley. Picture: Uttlesford District Council - Credit: Uttlesford District Council

Uttlesford District Council has bought the new Weston Innovation Centre in Takeley as a long-term investment asset.

The acquisition, worth £20 million, will see the council lease the building back to the Weston Group, providing the housebuilding firm with a headquarters premises, and the council with an annual net rental income of approximately £600,000 per year over the 25-year lease period.

To fund the project, the council is using a mix of interest-only and fixed borrowing.

The state-of-the-art facility was built by Weston as an addition to its existing business park complex, near to Stansted Airport.

The council’s investment is one of several to have been completed in recent months – other projects include the purchase of a veterinary hospital, a retail park and a regional distribution centre.

Further investment in Chesterford Research Park, in which the council owns a 50 percent share, is also planned.

Cllr Neil Reeve, portfolio holder for the Economy and Investment, said: “This is an excellent investment which will help the long-term financial stability of the council. It means we can ensure vital core services can keep running as well as giving the opportunity to put more money into important areas such as the climate change agenda.”