Slough Borough Council has completed the purchase of Ground Rents Estates 5 Ltd (GRE5) which owns the freehold of Nova House.
The council announced its intention to purchase the company, which owns the town centre block in Buckingham Gardens last year after concerns were raised bout fire safety of the building in the wake of the tragedy at Grenfell Tower.
Since the announcement the council has been undertaking due diligence on the purchase.
Councillor Mohammed Nazir (Lab, Baylis and Stoke), lead member for corporate finance and housing, said: “We promised we would work for the residents of Nova House and do everything we could to ensure their safety in the short and longer terms.
“We are delighted to have now completed the purchase of GRE5 and appointed excellent directors to the board who can drive forward the improvements so desperately needed, liaise with the leaseholders and, most of all, protect the safety of the residents.
“There is a lot of work still to be done and we, as owners of GRE5 and as the council, will be keeping a close interest in how the work needed to the building proceeds.”
The council has appointed Mike England, Joe Carter, Neale Cooper and Stephen Gibson as directors to the board of GRE5 – the trading name of Ground Rents Estates 5 Limited.
The company is also set to get a rebrand following the takeover.
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