The city council has bought five more properties in the last few weeks in a deal worth more than £55m.
This aims to bolster its commercial empire by spending £56.5m on business parks in Redditch, Lutterworth, Bilston, Dewsbury and Leeds.
It brings the total spent by the city council on property to £108.3m.
Last week in Full Council the Labour Group’s response to the Administration’s budget called for a “better deal” for the city to create new jobs and stimulate the local economy.
Cllr Yahiya Chowdhury speaking in support of the Labour budget amendment said the city’s investment strategy needed to more directly benefit Portsmouth.
The deal comes after The News revealed the city council used £739,982.09 from its ‘property investment fund’ – all of which has been borrowed from the banks – to pay firms which billed for their time helping the council buy property it could make money on.
Cllr Stephen Morgan, Portsmouth’s Labour Leader said:
“Portsmouth is a great place for businesses to create jobs and to invest. We urge the city council to practice what it preaches, and start making its own investments closer to home. We are sure that it won’t be disappointed.
Portsmouth Labour backs our great city. We want to see the council’s administration to do the same”.
