FINANCE chiefs at the council are still happy with their £81 million spending spree despite new figures showing property values could go down.

Bracknell Forest Council spent millions in taxpayer money across 2017 and 2018 as part of an investment programme which saw the authority purchase warehouses, offices and retail centres across the country.

READ MORE: Why did the council spend millions on properties miles from Bracknell Forest?

This includes a £12 million retail park in Lincoln, £15 million offices in Northampton, an £11 million warehouse in Stowmarket and more.

The purchases were made after the council borrowed from a low-interest government loan scheme made up of taxpayer cash.

These investments mean the council can generate income from rents in order to pay for its frontline services, such as social care, bin collections and customer service.

The money BFC generates from its leases draws in around £3 million every year for the benefit of residents.

But a recent forecast from The Office for Budget Responsibility predicts the price of offices and commercial buildings will fall by nearly 14 per cent this year.

Other councils have lost considerable amounts of money by making large property investments.

READ MORE: Where all Bracknell council's commercial properties are

Shropshire County Council bought three shopping centres for £52 million in January 2018 and earlier this year those centres were valued at just under £20 million, according to local reports.

BFC’s finance chief did not comment on the valuation of the council’s commercial properties, but said the portfolio remained “strong”.

Cllr Peter Heydon, Executive Member for Transformation and Finance, said: “Bracknell Forest Council regularly reviews its commercial investment so the value of properties can be carefully monitored.

“The council has a very strong portfolio of commercial properties and has no plans to sell any for the foreseeable future, so it is unaffected by any predicted national changes in values in 2020.

READ MORE: Wokingham council spent £85 million on commercial properties

“The council continues to benefit from £3m of additional income from its commercial property portfolio, which helps to pay for front-line services supporting the borough’s most vulnerable residents.

“This on-going income is firmly built into our base budget, reflecting the strength of the council’s property portfolio.”

The council’s top team met on Tuesday, October 20 to review its investment programme at a behind-closed-doors meeting which shut out the public and the press.