One of the south coast's leading business locations has been bought by Portsmouth City Council.
The council has completed the purchase of Lakeside North Harbour from Northwood Investors after a full council decision to approve the deal.
The Cosham site is the region's leading office complex and gives the council ownership of 590,000sqft of office space in the north of the city.
The proposed purchase is a different approach to the properties bought for the council's existing property portfolio. The previous investment purchases were primarily out of borough and driven by the level of return on the investment over the short to medium term. While Lakeside will still generate a positive return for the council, it is seen as a strategic acquisition, supporting the local economy for the longer term.
Lakeside currently has an excellent occupancy rate and will provide the council with a robust, significant income stream from the existing tenants which operate across a diverse range of business areas.
Cllr Steve Pitt, the council's Deputy Leader and Cabinet Member for Culture & City Development, said: "As one of the region's leading business locations, Lakeside is a hugely important site for Portsmouth. Buying Lakeside shows the council has a real commitment to investing in the city. It gives us ownership of an important strategic site along with the ability to ensure any future development of the site meets the needs of Portsmouth's businesses and ensures employment opportunities for local people. The purchase of Lakeside is the latest example of the council's strong track record in making ambitious decisions to ensure control of key assets that now play a big role in the city's economy such as Portsmouth International Port and the M275."