AN industrial unit for arts supplies was bought out by Wyre Forest District Council for £4.1million in June.

The Colart unit in Goldthorn Road, Kidderminster, is the latest property acquisition by the district council as part of its £35million Property Capital Portfolio Fund to support economic growth and generate future income streams for the council.

The purchase was not publicly announced at the time, but was listed in the documents for Wednesday night's Cabinet meeting.

It is the council's second biggest purchase since the £35million was agreed - funded by borrowing - in February 2017. The Stratford Court Offices in Solihull cost the council £6.1million.

Other acquisitions include the Worcester Street/High Street retail units in Kidderminster at £1million, the Buntsford Gate offices in Bromsgrove at £1.4million, the Forest House start-up units in Kidderminster at £730,000 and the Riverside food and drink units in Kidderminster for £2.4million.

Including fees, the total capital expenditure comes to £17.6million.

Speaking about the Goldthorn Road acquisition, Councillor Fran Oborski, Wyre Forest District Council’s cabinet member for economic regeneration, planning and capital investments, said: “This is the latest purchase in a number of acquisitions and asset developments through the Capital Portfolio Fund to promote regeneration and economic development in the district.”