South Somerset DC hopes to make a net initial yield of 7.27% after buying a 12-year-old four-story office block in Milton Keynes for £2.9m.

The council’s portfolio holder for economic development and commercial strategy, John Clark, said: ‘The attraction of the property lies in its multi-let nature, which allows us to mitigate the risk of letting voids, while benefiting from capital and rental growth that infrastructural spending in the area typically brings to the existing market.