A COUNCIL has bought a £1.9 million office complex in West Bridgford.
Residents have claimed that the money could be better spent on services, but Rushcliffe Borough Council says the investment makes financial sense.
The sale of the Point, at the junction of Wilford Lane and Loughborough Road, is set to be shown off to prospective tenants at a business breakfast meeting on Friday.
Council leader Neil Clarke has said the investment in the building "made sense" as the council would be getting a good return on its outlay.
He said: "There is a strong business case for the purchase of the Point. If our money was sitting in bank accounts, it would only be getting about one per cent interest.
"With the current occupancy of the Point, which is around 75-80 per cent, we are getting a return of seven per cent on our investment and, when the building is full, we will be getting closer to nine per cent return.
"This is all money that we will be able to invest in services in the borough which will ultimately benefit the taxpayer."
Mr Clarke added the council was able to get a deal on the site as he said it was sold as a going concern.
He said: "It's true a lot of councils are looking at selling buildings, but this is an investment opportunity and it's a good deal for us as a council and the taxpayer.
"We have continued the tenancies with the businesses that were at the Point which means we can support local businesses in the building."
But Claire Maguire, of Musters Road, West Bridgford, said the move might not go down well in the area.
The 25-year-old said: "It is a lot of money to be spending at once. You hear about councils cutting back and there are other services that councils should support more than buying property.
"The council also gave money to Notts County Cricket Club, which seemed a bit of an odd thing to do too.
"I can understand that in the long run it will pay the money back, but I don't think I'm the only one who will be surprised by this."
