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, last year after concerns were raised about the fire safety of the building in the wake of the tragedy at Grenfell Tower in London.
Since the announcement the council has been undertaking due diligence on the purchase with the acquisition now complete.
The council has appointed four directors to the board of GRE5 – the trading name of Ground Rents Estates 5 Limited – Mike England, Joe Carter, Neale Cooper and Stephen Gibson.
All four have a great deal of experience in housing, regeneration, finance and managing assets and will also be drawing on the expertise of external companies, council officers and Royal Berkshire Fire and Rescue.
Councillor Mohammed Nazir, 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 arranged new branding for the company following the purchase.