Portsmouth Council inks largest council deal so far this year

Portsmouth City Council’s acquisition of a business campus this week for £138m represents the largest property deal by a UK local authority so far this year, according to Radius Data Exchange. The council confirmed on Monday (5 August) that it had acquired Lakeside North Harbour (pictured), located on a 120-acre site north of Portsmouth city centre, from Northwood Investors. The site includes 594,000 sq ft of offices, 3,000 parking spaces and 8.7 acres of development land. The campus has an occupancy rate of 97% and more than 80 occupiers, including IBM, Regus and LexisNexis. The move comes after the council