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.
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 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 I will be keeping a close interest in how the work needed to the building proceeds.”