A HOTEL, leisure centres, libraries, and the council’s own headquarters are all properties owned by Slough’s cash-strapped local authority that are at risk of being sold off.
In order to reduce its £760m borrowing debt and bridge its financial blackholes, Slough Borough Council (SBC) is selling up to £600m of its property and land as well as make about £20m savings a year for the next few years.
It has already sold off the four out-of-borough assets, such as the Odeon Cinema in Basingstoke, and some assets in Slough, like Lavender Farm and the former Akzo Nobel site, which was sold for £140m to a data centre company, as part of phase one.
Those six assets have raised about £178m, which is way above this year’s target of £108m, and are anticipating to increase this by another £20m by the time this financial year ends.
With momentum building on the sales, SBC hopes to raise about £454m by 2027. SBC has 6,700 assets that are worth £1.3bn in total.
SBC previously said it will leave no stone left unturned when identifying assets to sell but will be prioritising the out-of-borough properties and its non-operational assets that are not used, loved, or needed by residents or the council first until the difficult decisions come.
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Next year, SBC could sell off 35 assets in total, which could nab the council £83m.
This includes the £20.2m Thunderbirds-themed Moxy Hotel in the town centre, the vacant £1.3m Merrymakers pub in Trewlawney Avenue, and the former Beatles gig venue Adelphi Theatre, which is under offer and could be used as a cinema during the Queensmere shopping centre redevelopment.
It also includes some land that’s earmarked for housing, like the land at Norway Drive, Tower and Ashbourne House, and extra care home site in Wexham Road, which was earmarked for care homes.
The £13.3m former council headquarters St Martins Place could be sold off in 2024/25 along with the £4.3m Britwell Centre, Slough Bus Station, the £3.5m bowling centre in Salt Hill Park, and the £2.8m Wilkinsons Store in the High Street.
It also includes the £3.2m crematorium buildings with cemetery in Stoke Road and some housing sites like the North West Quadrant site for SBC to gain £53m in total.
In 2025/26, the libraries, such as the Curve, Langley, and Cippenham could go, as well as the Earl of Cornwell pub and some shops at Trelawney Avenue could go for the council to rack up £20m in sales.
And in the last year of the asset disposal programme, includes SBC’s current headquarter building Observatory House in Windsor Road, which is valued at £52.5m.
Council leader James Swindlehurst previously said they are planning to move out and are developing a strategy to move its operations elsewhere.
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Alongside Observatory House, SBC could also sell the £20m leisure centre in Farnham Road, the £9.7m Langley leisure centre, the £1.2m Hershel car park, and the £11.2m ice arena at the Montem site.
It also includes the Slough Rugby Club, Dead Social Club, Cippenham community hall in Earls Lane, and day centre in Elliman Avenue. It hopes to earn £71m, taking up its total sales figure to £454m.
No decisions have been made yet as any potential sales over £1m will go to cabinet for senior councillors to decide on.
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