£10m spending spree by SSDC
The latest acquisition in South Somerset District Council’s shopping spree has just been announced. The council has purchased Imperial House in Newport, which is the headquarters of comparison giant GoCompare, has been acquired by South Somerset District Council for £4.66m.
The building is occupied by comparison website GoCompare and is their UK headquarters.
The deal offers a generous yield, and this is the point, to generate an income stream going forwards to fund the council’s activities. We are told it will generate 8.06%, and it comes on top of other purchases in the last few weeks which included Units 1 and 2 Dunball Industrial Estate in Bridgwater (£2.82m) and Linden House, Bristol (£2.75m).
So that is £10m announced since the 25th February. All good news as long as the property market does not suffer a post Brexit crash.