Cambridgeshire County Council has announced the details of two major property investments in deals worth over £60m.
The council has agreed to invest £51.4m in a 986 year lease of the Tesco site in Cheddar’s Lane, which will generate enough revenue to employ 56 social workers every year.
It has also purchased a ten-acre industrial estate in Peterborough for £11.5m, which will provide a return on investment of 4.5%-6% per year.
Cllr Josh Schumann, chairman of the council’s commercial and investment committee, said: 'This purchase is a clear part of the council’s investment strategy, which sees us seeking to invest in areas of the county and market sectors which support the aims of the council – but also give us a good rate of return in line with our investment objectives.
'To mitigate risks we are always seeking to diversifying our portfolio – and are delighted that in the last month we have been able to add these two really sound investments in either different sectors or different parts of the county, bringing to a total of four excellent investments made over the past twelve months.'