COUNCIL chiefs in Wyre Forest have forked out more than £6million to buy an office block in Solihull.

Wyre Forest District Council said the purchase of Stratford Court will support its ongoing plans to generate income to support services they deliver in the district.

The £6.1million deal was completed last Friday (September 21) after councillors had given it the go-ahead in private meetings earlier in the month.

The council’s finance bosses say the acquisition will see them generate a net income of more than £125,000.

Stratford Court is a 30,000sq ft office building situated just off junction 4 of the M42 on the A34 into Shirley.

This is the second commercial purchase made by the authority this year. In June, the council bought retail units in Kidderminster town centre for £1million.

Councillor Marcus Hart, Leader of the Council said: “The council adopted its Capital Portfolio Strategy in 2017 as part of its plans to invest up to £25m in developing its own assets or acquiring new properties.

“This new acquisition reaffirms the council’s commitment to supporting economic growth as a partner in the Greater Birmingham and Solihull Local Enterprise Partnership as well as generating vital income for the council to invest in delivering services to the residents of Wyre Forest.”

Councillor Nathan Desmond, Cabinet Member for Resources said: “This acquisition will generate an anticipated net income of more than £125,000 per year over a four year average, which can be ploughed back into supporting council services in Wyre Forest.

“The council has other opportunities in the pipeline that it is pursuing within the district, by bringing forward development proposals on our own sites to support employment and residential growth.

“We will continue to look for appropriate investments outside the district where they offer exceptional opportunities to add to the portfolio and generate new income streams, as well as supporting wider economic growth.”