Property investment helps support local economy
Published on 21st September 2018
Ellenborough House, a commercial property at the heart of Cheltenham’s town centre, has been purchased by the council to support the local economy.
The property, on the corner of Oriel Road and Wellington Street, was comprehensively refurbished in 2011 and offers 47,000 sqft over four floors with 49 off road parking spaces.
Councillor Steve Jordan, leader at Cheltenham Borough Council said: “I am pleased that this purchase has now been completed with the full support of the council at its 11 September meeting.
“The council needs to replace its diminishing government funding with sustainable income streams, and is working to become commercially focused and financially sustainable.
“It’s also vital that the council continues to invest in Cheltenham’s prime employment assets and supports the economic infrastructure of the town.
“This purchase helps secure the financial future of the council at a time when the Revenue Support Grant from central government has reduced to zero.
“It also shows our confidence in Cheltenham by purchasing this important building in the town centre.”
For media enquiries, contact: Laura Carter, communications officer, telephone 01242 264154, email firstname.lastname@example.org
Note: There is a confidentiality agreement with the vendor therefore the council is unable to disclose the purchase price.