Portsmouth City Council could benefit from an extra £1m a year when Portsmouth Retail Park is completed next month.
The authority purchased land at North Harbour last year to build the site, which will soon welcome eight shopping and food outlets and a gym.
Work on the development – next to Tesco Extra in Southampton Road – is being carried out by property solutions firm Simons Group.
A turf-cutting ceremony took place at the retail park in August last year.
The site is the 11th in the council’s £.4.3m-a-year property investment portfolio.
The development is fully let to firms Decathlon, Subway, Costa, Greggs, Pure Gym, Home Bargains, Jollyes pet superstore, Explore Learning and The Vet.
Portsmouth City Council’s property and investment manager, Tom Southall, said: ‘The units are nearing completion and the contractors, Simons, are on schedule to meet the original completion date – with a view to handing over the units to the council, as the landlords, at the end of next month.’
The city council said it will stage an opening event for the park when it is fully completed.