In 2016, Surrey Heath Borough Council acquired the Former House of Fraser building when it was fully occupied by House of Fraser, Caffé Nero and NatWest. Over time, all but NatWest chose to vacate the building.
While the property boasts many strong attributes for future use, redevelopment at this time would involve significant cost to the council.
Councillor Shaun Macdonald, Leader, Surrey Heath Borough Council said.
"This iconic building, situated in the heart of Camberley, holds immense potential for redevelopment into a variety of uses. However, current challenges such as high interest rates, rising building costs, and uncertainty surrounding Surrey’s devolution plans are impacting the potential of any major projects.
"As a result, the council will focus on maintaining the building to ensure its safety and security, while larger improvements, including asbestos removal, remain on hold.
"We are committed to working with partners like *Homes England and other **brownfield developers to secure funding for the site and support the building's future development."
If developers are interested in the building, they should email our Economic Development team -economic.development@surreyheath.gov.uk.”
Further updates will be issued as we have them.
*Homes England is the government’s housing and regeneration agency. https://www.gov.uk/government/organisations/homes-england
** The Government defines brownfield land as developed land, that is, or was previously, occupied by a permanent structure. Brownfield land accounts for 8.7% of land in England and 54% of all new homes in 2021/22 were built on brownfield land.