Bradford Council has spent almost £9 million buying buildings in a bid to protect and improve the city’s future.

A Telegraph & Argus investigation found the local authority has spent £8.8 million buying a car park, homes, pubs and offices.

The purchases are a strategic move by the council to acquire land for future developments, but can be risky as there is little or no guarantee they will make money or the developments will be a success.

Local councils across the country have spent £3.8 billion buying up office blocks, leisure centres and warehouses in an attempt to protect struggling town and city centres, with authorities stepping in because of a sharp decline in the number of private investors.

Out of the 40 buildings bought by Bradford Council in the last five years, 35 were residential properties.

However, the council has also purchased a range of infrastructure directly linked with the city centre’s regeneration and in the hope it prospers.

It bought the NCP car park, in Hall Ings, on April 13 last year for £4,150,000.

It is hoped this will form part of a Bradford Interchange redevelopment masterplan, which could see a new gateway entrance to the station on Hall Ings.

Bradford Council also bought Sir Henry Mitchell House in 2013 for £1,500,000 to bring their staff back into the city centre and the Britannia Mills site for £1,000,000 to build a new sixth form college.

Figures provided by property experts Carter Jonas and Revo show that councils invested £3.8 billion on property assets between 2013 and 2017.

About £1.7 billion accounted for office space, while £1.2billion was spent on retail.

Naz Shah, MP for Bradford West, said austerity had forced councils to buy more properties.

She said: “Let us be absolutely clear, it is the Tory government’s policy of austerity that has pushed local authorities into property speculation and any speculation there comes with real danger.

“The Council can point to examples where this approach is paying dividends, we are told that the purchase of the NCP Car Park has already brought significant financial returns.

“This is money that can be used for invaluable services and that is obviously welcomed. But the approach could potentially leave councils financially exposed.

“In comparison to many authorities, Bradford Council are being very cautious in this regard and the evidence suggests extremely prudent. That is how it should be. But as council’s across the UK desperately try to plug the funding gap created by central government cuts they are forced to pay what some have described as a “a gigantic game of monopoly with tax payers cash.”

Cllr Alex Ross-Shaw, Bradford Council’s executive member for regeneration, planning and transport, said he is “extremely optimistic” about the city centre’s future.

He added: “The other acquisitions are all about meeting our strategic priorities which include delivering housing, bringing more public sector staff into the city centre to support the city centre economy, improving our infrastructure and delivering regeneration.

“For example, Sir Henry Mitchell House is being used by our office staff relocating them in to the city centre, the Branch pub will see the land used as part of a wider road-improvements scheme in the area, Hall Ings car park was a strategic acquisition as we consider potential redevelopment of the area around the Interchange and in the interim it provides a profitable revenue stream for the Council, Britannia Mills is to be the site of a new city centre sixth form college, and possession was taken of a vacant site on Avenham Way, housing is now being developed there.

“We are extremely optimistic about the future of our city centre and wider-district. These purchases all support our larger regeneration plans which include key city centre projects being complete within the next few years including the redevelopment of the former Odeon building, the refurbishment of St George’s Hall, the exciting new developments at the city centre markets, revamp of both Forster Square Railway Station and The Interchange and a project to redevelop the ‘top of town’ area.”