The council has spent £32.9m on offices in Thames Valley Park, adding to its commercial portfolio.

Four 10 Thames Valley Park was bought by Reading Borough Council (RBC) in April.

The purchase has been revealed in the council’s Policy committee report for Monday, June 10, which asks councillors to approve a new investment strategy.

RBC has now spent more than £70m on four commercial properties in the last three years.

The council expects to raise around £1.5m in total from the four properties annually.

A council spokesman said: “In common with many local authorities, the council continues to take advantage of strategic property investments where commercial opportunities arise in order to help to protect frontline services for residents at a time of unprecedented budget pressures.

“The purchase of the Four 10 at Thames Valley Park in April this year is the latest example.

“Such investments create important new revenue streams for the council, which help prevent cuts to public services.

“Purchases only take place after detailed due diligence to fully satisfy ourselves that any property will be a sound long term investment.

“The approach also supports the council’s strategy of diversifying its investment portfolio to better manage risk.

“In the case of Four 10 at Thames Valley Park, the purchase of the property is expected to benefit the council’s revenue position by an average £525k per year over the next five years, after taking into account capital financing charges.

“After the expected holding period, when the capital cost will have been fully financed, the council will retain an asset which could be retained for further revenue income, re-developed or disposed of to generate a capital receipt.”

French pharmaceutical giant Sanofi will move into Four 10 Thames Valley Park in July.

RBC spent £20.1m on Kennet Wharf on Queen’s Road, which is Visa’s European home, in 2017/18.

The local authority also spent around £11m each on Adelphi House, which is a Job Centre, and 160-163 Friar Street in 2016/17.

All four purchases are in Reading and are funded through a loan from the Treasury-backed Public Works Loan Board (PWLB).

Kennet Wharf earns the council a net annual income of £435,000, with Adelphi House to earn £222,000, and 160-163 Friar Street £259,000, according to the Policy committee report.

The council also owns various investment properties it has acquired previously.

The new strategy includes guidelines to ‘ensure a return on investment is optimised and risk is managed’.