Sutton Council has announced that they have purchased a large retail block on the Borough’s High Street.

The block of retail promises was built in 1994 with current leaseholders Waterstones, Peacocks, HSBC, The Works and Maplin.

After costs, the council estimate that their net income will be £285k per year.

The council manages land and buildings on a commercial basis which they said creates funds to support council services.

The Council’s Deputy Leader and Lead Member for Resources, Cllr Simon Wales, said: “We always judge each sale or purchase of property on its commercial merit, and the purchase of this prime retail site is a good deal for Sutton.

“Overall this deal exceeds the two per cent net return criteria agreed by the Council for property investments.

“The current climate of local authority funding is such that we have to exploit every commercial opportunity to help provide the services which our residents have come to expect.”