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Council generating money from units in neighbouring area

Money generated from business units on Bridgwater's Dunball industrial Estate is to fund public services in places like Yeovil.

It's after South Somerset Council bought two units which it will now rent out to generate a return.

The council has previously invested in units within its own district, but the latest investment is within another council's boundary.

A spokesperson confirmed they paid £2.82 million for units one and two on the estate, below the market value of £3.025 million.

Councillor Henry Hobhouse, portfolio holder for property at South Somerset District Council, said: "This property meets our aim of acquiring well located property with established tenants, where we can add value. 

"We were able to acquire the property with a 7.51% net initial yield and with very little industrial property in the market in excess of 7%. 

"I'm pleased that we have been able to acquire so well in Bridgwater."

For more about South Somerset Council's investments click here

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