A new retail park in Portsmouth will generate £1m per year for the city council in rental income.

Portsmouth Retail Park is the eleventh purchase in the council’s property investment portfolio, which generates £6.6m per year for council services.

Leader of the council, cllr Donna Jones, said: ‘Our property investment strategy is all about generating money for the local services that are most important to local people so for us to be able to find the opportunity for such a strong investment so close to home is fantastic news for us and for the people of Portsmouth.

‘The added bonus of Portsmouth Retail Park is that it will boost jobs and the local economy at the same time as bringing in £1m every year in rental income. This is money that will make a real difference at a time when councils continue to face funding challenges.’

The council is set to make further property purchases in the coming months.