Woking council sells ‘eyesore’ gateway site, focuses on debt reduction
Triangle site sale part of asset disposal to improve financial outlook
The Triangle site at the gateway into Woking town centre has been sold, with the borough council optimistic about revitalization efforts following its long-standing state of partial demolition.
Originally purchased for the £150 million Victoria Arch widening project aimed at reducing traffic congestion and boosting housing, the financial collapse of the council left the project unfinished.
Councillor Dale Roberts announced the sale during the executive committee on 16th September as part of the council's asset disposal strategy to address multi-billion pound debt.
With the buyer and sale price confidential, Roberts emphasized a strategy focused on capital receipts and debt reduction for improved financial standing.
Local officials expressed relief and eagerness for regeneration, with Councillor Ellen Nicholson noting, "Our residents have long talked about the eyesore." Councillor Johnson added, "Development can't happen soon enough."
The council's asset sales so far amount to £72 million with an additional £54 million under offer, including Goldsworth Park Shopping Centre and other properties.
Leader Anne-Marie Barker shared relief in finding a buyer and stressed the urgency in addressing the vacant site’s condition.
Further site development may require compulsory purchases, indicating complexity ahead in revitalizing the area.
The sales form part of ongoing efforts in Woking to stabilize finances while enhancing community spaces.