South Somerset District Council (SSDC) has spent £4.2m on an industrial site in Exeter, Devon.
The Centurion Mill site comprises two industrial buildings totalling on the Sowton Industrial Estate, between the M5 and Exeter’s city centre.
The investment will deliver a net initial yield of 7 per cent, the council said.
In a statement, it added: “SSDC is investing in a diverse range of locations and asset types to ensure that it spreads any risks attached to investments which reflects sound investment practice.
“This includes assessing whether an investment outside the district will deliver a better rate of return for our communities than a similar opportunity in South Somerset.”
