The Lib Dems and I have exposed an almost £50 million loss of value in just two commercial properties owned by Surrey County Council.

In 2017, Surrey County Council’s property company Halsey Garton, purchased Malvern Retail Park for £75 million and the Debenhams store in Winchester for £15.8 million. However, in response to a question from me, the County Council confirmed that the Malvern Retail Park is now only valued at £35 million and the Debenhams site in Winchester is only worth £6.25 million.

On top of the loss of value, no income is being received on the Debenhams site and rent from the Malvern Retail Park is less than expected when it was purchased

I think the decision by the Conservatives running Surrey County Council to invest so much public money in properties way outside of Surrey was a controversial one at the time – it is now clear that decision was an appalling financial one as well.

It is quite shocking financial incompetence to buy two commercial properties for £90.8 million, and yet only 5 years later they only be worth just £41.25 million: that’s a loss of value of almost £50 million. The Tory-run Council needs to treat public money with the respect it deserves and only invest Council taxpayers’ money wisely.