£150m Wiped from Runnymede’s Investment Portfolio

Published on: 30 Sep, 2026
Updated on: 1 Oct, 2026

By Chris Caulfield

local democracy reporter

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 £487 million stockpiling office space, mixed use sites, and industrial buildings that today they are only worth £338 million.

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 £2 million in cash – with four of the buildings coming from its investment stock.

These, the council said, were all sold at more than what they had been valued at bringing hope the hole may not be as big as forecast.

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 £81 million and is now worth less than half, £37 million, a loss of £44 million.

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

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

The council’s flagship regeneration project, Addlestone One, beset with a host of problems including maggot infestation and fire safety risks, cost the council £30 million but its stock has since fallen by £7.6 million and is now valued at £22 million.

Not only is its property portfolio falling in value, but a lack of tenants at its sites mean the council is on pace to miss out on £2.4 million in rent revenue this year.

“Since our recent round of 2026 auctions disposals there are currently 27 properties classified as investment assets, [down] from 31.

“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.

“Since 2020, access to Public Works Loan Board funding has become significantly more restricted.

“In December 2023, the council received a non-statutory Best Value Notice from the Ministry for Housing Communities and Local Government.

“One of the key comments… was concern over the council’s high level of debt.

“Subsequently, the council placed a moratorium on any new debt for investment purposes and has sought to reduce debt levels wherever possible.”

Officers told the meeting: “The team’s key strategic focus is reducing borrowing and long-term liabilities that come with managing a large commercial portfolio against an economic backdrop that remains uncertain.”

The council has sold six properties, four of which were from its investment portfolio. In every case the sale prices exceeded their valuations

He said: “Together the six properties achieved £2,675,000 against a combined valuation of £2,218,300 ,which is a surplus of £556,700, or around 25 per cent above their valuations.”

Leader of the council Robert King said: “It is really welcoming in terms of the engagements that we have to consider the good work we’ve done after the best value notice, since withdrawn, in terms of reducing that debt as a corporate entity and also making sure that we’re handling over an estate that is essentially fit for purpose.”