A LUCRATIVE deal has been agreed by Portsmouth City Council to lease one of its commercial properties to a major firm.
The authority has signed a deal with air conditioning suppliers TF Solutions for nearly 17,000 sq ft of a warehouse it owns in Leeds.
Council officials say the move will bring in tens of thousands of pounds a year which will be pumped into propping up city services.
Tory council boss Donna Jones said the authority’s property portfolio is worth £6.6m a year to the city, cash which was protecting libraries, school crossing patrols, museums, rubbish collections and community wardens from cuts.
‘This is yet more evidence of the success of our property investment strategy and of its ability to generate increasingly large amounts of money for local services,’ she said.
The unit the council has let to TF Solutions is in City Park Industrial Estate, in Leeds - an estate of trading units the council bought for £13.75m.
The council has made a total of 11 purchases as part of its property investment strategy.