Local authorities spent around £3.8bn on commercial property assets between 2013-2017, according to new research from Carter Jonas and Revo.
Spelthorne council in Surrey was the biggest investor, committing £477.1m, double the next biggest spender Warrington council (£219.5m).
Spelthorne’s activity was driven by the purchase of BP’s International Centre in Sunbury for £360m.
Of the £3.8bn invested in commercial property assets, nearly half was spent on the acquisition of office space, while £1.2bn was spent on retail. The remaining investment was split between industrial (£500m), mixed-use (£100m) and leisure (£80m).
The findings are part of a report which surveyed members of the public and private sectors on the challenges facing the UK’s town centres.
Competition from online shopping was identified by 28.4% of respondents as the biggest challenge for the high street, while business rates (13.6%) and reduced demand for space (13.6%) were also singled out.
More than 53% highlighted investment in the public realm as the most important initiatives to deliver town centre regeneration.
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