THE Isle of Wight Council has spent £35.1 million acquiring industrial units all over the country — with £64.8 million still to spend.

As part of the authority's property acquisition strategy, aimed at creating a long-term sustainable income by playing the property market, £100 million was set aside to buy commercial property that could then be rented out.

The proposal was approved two years ago, taking the lead from other authorities across the country.

Four properties have been acquired so far, which have been rented to nine tenants — including women's fashion brand In the Style, the Stagecoach Group and self-storage providers.

The first property purchased, in April 2018, was Olympic Court in Salford, costing the council £11.4 million.

The most recent was a unit at the Nursling Industrial Estate in Southampton, acquired for £3.9 million.

The council is still looking for more assets to buy.

So far, the council has received a rental income of £1 million — forecast to reach £1.6m by the end of the year.

The gross return has been forecast at 4.5 per cent, per annum — which means if the full £100 million was invested, it would generate an income of £4.5 million a year.

Portsmouth City Council has been paid almost £140,000 to manage the property investment fund on behalf of the Isle of Wight Council.

The figures have been published in a report due to go before the council's audit committee.