Lancaster City Council buys ex-Reebok building on White Lund

The property, rumoured to have cost £6m, is the latest in a list of properties the council has been buying around the district.

A city council spokesman said: "Lancaster City Council has expanded its property portfolio by purchasing the former Reebok building on the White Lund Industrial Estate.

"The purchase will create a long-term rental income for the council, helping to fund its wide range of important services.”

Reebok announced it was to close in 2009, with the loss of 200 jobs.

The premises was taken over by recycling firm SHP Ltd.

In March, we reported how the council bought the Wilko building in Penny Street, Lancaster, for £3.4m.

It also bought a Morecambe car park and three commercial buildings for £1.3m in the same month.The 4,360sqm parcel of land in Hilmore Way - next to the railway station - included the former Frankie and Benny's restaurant, which closed in July, as well as the former Blockbuster video shop, which is now a gym, and the Domino's pizza shop next door.

The council's General Fund Capital Programme, agreed by councillors in February, earmarks £16m a year for property investment acquisitions over the next four years, totalling a potential £64m in borrowing.

This could include retail, industrial and commercial units, hotels, food and drink units, and new green initiatives.

The investment plans are part of the council's Funding the Future strategy for building financial resilience.