Council Buy Offices
£33.5 million for Percy' House
On Thursday 1 April, in another streamlining step, Ealing Council purchased its main office building from UK Office Property LP.
The Mayor of Ealing, Councillor Gurcharan Singh, signed the contract to buy Perceval House and gave it the Council's seal of approval.
The Council has been renting the building for the last 18 years but due to new freedoms allowing Councils to borrow money to invest in council infrastructure, Perceval House in Uxbridge Road, Ealing was purchased for £33.5 million.
The funds were borrowed at attractive interest rates, so that the costs of owning Perceval House would be much lower than the £3.8 million annual rent previously paid.
Leader of the Council, Cllr John Cudmore said, "Purchasing Perceval House is a milestone for the council. We no longer have to pay rent and have taken advantage of an excellent market situation. This will be a long term benefit for our finances. At a time when public sector spending is under such tight scrutiny we continue to find ways of delivering savings, which will benefit the whole community.
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6th April 2004