BRADFORD Council has spent £6.25 million on the purchase of a two landmark Ilkley retail premises.

As part of what it calls its "on-going Investment Strategy" the Council announced today it had just completed the acquisition of the Moors shopping centre and Dalesway House.

A Council spokesperson said the move represented a "major strategic investment" for the council which was "looking at alternative ways to generate revenue to support much needed council services".

The spokesperson added: "The properties, which are an investment of over £6.25 million for the council, are expected to continue to generate a healthy rental income each year which can then be spent on council services."

The properties are well known landmark buildings on a prominent site adjacent to Ilkley’s main council owned car park. Both are fully let and house a range of national retailers and independent businesses.

Dalesway House was built in 1986 and comprises five retail units along with offices above. Whereas The Moors was constructed in 1990 and is made up of seven retail units, as well as a restaurant, a pub and a gym.

Bradford Council leader, Councillor Susan Hinchcliffe, said: “Local authorities across the country are facing difficult and financially challenging times. Making investments like this one help us to continue to generate income which ensures we can keep on delivering vital public services for all our residents.

“The Council is only acquiring the buildings, it will not affect the businesses who operate from there, so people won’t see any difference to the retail offer from these buildings.

Ilkley is a fantastic town in our district and we’re delighted to be able to invest locally in such a successful part of Bradford district.”

A Council spokesperson added: "When the Council decides to make acquisitions of this kind it works alongside appropriate professional services to ensure that such investments are financially viable and appropriate.

"An Investment Advisory Group, which includes both executive and opposition members as well as senior officers, ensures due diligence is undertaken on any proposed investments before a decision to invest is made.

"The council has previously purchased the NCP car park on Hall Ings in Bradford city centre as an investment, which is also generating a healthy financial return in the form of rental income, whilst also giving the council ownership of a key site within the city centre."