Portsmouth City Council has expanded its UK property portfolio with the purchase of £12.4 million parcel distribution warehouse, near Birmingham, as part of a drive to generate more income.
The purchase of the DHL depot is the fourth property deal to be completed by the council since November, adding to an industrial unit in Gloucestershire (£8 million) and a supermarket in Somerset (£13.2 million) and another in Swindon (£9.7 million).
Commenting on the investments, Portsmouth City Council leader Donna Jones said: “It is not about the location, it's about the safest highest yield I can get, wherever that may be in the UK to generate the biggest return so I can keep libraries and public toilets open. We're trying to run the city more like a business and this is part of it."
However, other councillors have criticised the decision to invest in properties outside of Portsmouth.
Councillor Gerald Vernon-Jackson of the Liberal Democrat group, argued that the move sent ‘a terrible message to the people of Portsmouth’.
He said: “This is another property where another council will get the business rates, not Portsmouth.”
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