The timing couldn’t have been more perfect. At a debate over the role of councils in the commercial property market, held by retail landlord Ellandi in central London last month, one notable panellist was conspicuous by her absence.

Karen Whelan, chief executive of Surrey Heath council, had been due to argue against the motion that local authorities were “absolute beginners” in the property investment game, but her attention had been diverted by a more pressing issue. That morning, the struggling department store chain House of Fraser had announced its intention to shut 31 shops through a controversial insolvency procedure known as a company voluntary arrangement (CVA).

The Camberley store was among those earmarked for closure. Surrey Heath had paid £17.6m for the property only 18