Liberal Democrats on Surrey County Council have revealed almost £67m of public money has been spent on buying six properties outside the county, using a council-owned property company called Halsey Garton Property Limited, over the last year.

The properties purchased were mainly warehouses situated in locations such as Wiltshire, Bristol, Worksop and Salford. The most expensive acquisition was an office in Bristol, at the cost of just under £20million.

The Conservatives have justified the purchases on the basis that they were acquiring assets for investment purposes. But with property prices for commercial buildings close to all-time highs the decision to purchase these properties looks flawed … just as the County Council’s investments in Islandic Banks proved to be a few years ago.

The Liberal Democrats believe that the £67million would have been better invested in Surrey. Some of our town centres need investment to help regenerate the local economy and boost economic growth, our roads and footways are in urgent need of improvement, and we need investment in key worker housing.

Also, the County Council will soon be able to retain 100% of its locally raised business rates so it would make more sense for the County Council to invest in Surrey’s infrastructure and economy so that it can reap the future financial benefit.

When investment returns are high, there is increased risk that the investment will be lost. The Conservatives at County Hall do not seem to understand this. The Liberal Democrats believe that residents deserve better with money carefully invested where it is needed in the county; not frittered away on “too good to be true investments” outside Surrey.