PORTSMOUTH City Council has splashed out on another property to bring in more income - this time a Waitrose supermarket in Somerset.
The purchase comes after the authority snapped up a warehouse near Gloucester for £8m. But the council won’t reveal how much it’s spent buying the Waitrose as it has signed a confidentiality agreement with the seller.
Lib Dem leader Gerald Vernon-Jackson says he is concerned with the ‘secrecy’ behind the deal - and questioned again why the council isn’t putting money into Portsmouth.
But Tory planning boss Luke Stubbs says the administration is ‘shopping around’ for the best deals - and the money isn’t a ‘back door subsidy’.
The council set up a £30m investment pot earlier this year, which has now been increased to £50m, so it could buy properties to then rent out.