Published: 3rd Jun 2019

South Somerset District Council has bought an office block in Milton Keynes for £2.92m. According to the council, the purchase has been funded by money from the council’s reserves and internal borrowing from within the local authority. ‘This means that money that was previously in bank accounts is generating a higher rate of return with the proceeds used to protect services and deliver important projects in South Somerset,’ said the council in a statement. ‘It does not involve investing money that would have been spent on services.’ The property comprises 10,695 square feet of office space across four floors. It is currently let to four tenants, including regional solicitors Howes Percival LLP, and situated in a modern business park environment half-a-mile from Milton Keynes Central station. South Somerset has seen its core grant funding from central government cut by 70% since 2010, and it believes further reductions are likely. In … (To read the full article, subscribe below)