London Borough of Croydon has spent £53m on a retail and leisure park in the borough to generate annual income of around £1.4m.
The purchase of the 12-unit Colonnades Retail and Leisure Park on Purley Way is the first under a £100m asset investment strategy signed off by the council last month.
Simon Hall, cabinet member for finance and resources, said: “This is a solid investment on a well-performing asset, enabling us to bring in additional income to fund core services.
“As government grant funding for local authorities remains uncertain, we’re doing what we can to ensure we can provide services our residents expect and deserve.”
