Council set to snap up Tooley Street base

Wed 12 December 2012, 12:25 pm

Southwark Council has agreed terms to buy the freehold of its headquarters in Tooley Street, SE1, according to reports.

The authority was this week due to set out a business case for the purchase of the 205,236 sq feet office building, website CoStar reported.

The terms of Southwark’s lease last until 2033 and it currently pays £7.7 million a year in rent on the building.

An outright purchase of the building is expected to reduce the council’s annual costs.