Letter: This Shows Why Councils Should Not Dabble in Property Investment

Published on: 15 Jan, 2025
Updated on: 15 Jan, 2025

The Godalming High Street property purchased by Waverley Council for redevelopment Waverley Borough Council

Jane Austin

Conservative leader of the opposition at Waverley’s Borough Council

In response to: Windfall Grant Allows High Street Redevelopment Project to Proceed

I am afraid the press release from WBC did not relay the whole story.

69 High Street is behind schedule, over budget and now copious amounts of asbestos are delaying matters further.

Nearly three years since Lib Dem-led administration overpaid for this unit they are a monstrous £4.5 million of taxpayers’ money into this mess and they haven’t even got a contractor secured for the renovation work. There is still a gaping hole in the High street which is pulling down the whole retail pitch.

There are now numerous vacant units adjacent and Godalming High Street continues to suffer. Waverley Borough Council most likely won’t even exist by the time they are ready to do the residential part (which, by the way, requires a whole new £million budget investment).

This is a classic example of why local councils should not be dabbling in property investment.