South Somerset District Council has paid £4.4m for land in Glastonbury currently the site of a B&Q store, reflecting a net initial yield of 7.19%.
The investment is part of a commercial investment strategy aimed at delivering annual income of £2m for the council.
The council’s portfolio holder for economic development including commercial strategy, John Clark, said: “While it is out of district, this store is one that we know well and one that we consider to be shielded from the general malaise that has hit retail warehousing.”
