Two buildings at Pegasus Business Park have been bought by the city council, at a cost of £11.2 million.
Part of the top-end office space next to East Midlands Airport will be occupied by HSBC bank.
The two buildings, which comprise 64,640 sq ft (6,005 sq m) of Grade A on the site are known as Pembroke House and Donington Court.
It’s not the first time the city council has bought property outside Nottingham.
It has invested in properties as far afield as Newcastle, Birmingham and Oldham with borrowed money.
It says it borrows money at low interest rates, and makes a return on investments which can then be re-invested in the city.
The buildings were sold by property agent Savills, and there have been three recent lettings at the park.
Air Logistics Limited has agreed to a new 10-year lease for 7,369 sq ft (684 sq m) in Donington Court, while Wates Construction Limited has also agreed to a 10-year lease on part of the ground floor of the same building.
Additionally, HSBC has agreed to new 10-year lease for space in Donington Court totalling 6,232 sq ft (579 sq m) and will occupy the west wing of the second floor in the three-storey office building.
Councillor Jon Collins is the leader of the council, and represents the St Ann’s ward for Labour.
He said: “We have used our ability to borrow at preferential rates to invest in these properties as part of our wider commercial property investment portfolio.
“By investing in low-risk properties that give us a good rate of return like this, we can continue to fund local services which might otherwise be affected by Government cuts to our budget.
“We have seen our main Government grant drop by over £100m in the last six years, and like other prudent councils we are looking at alternative ways like this to bring in an ongoing income to the council to safeguard services and invest in our city.”
Victor Ktori is the head of office at Savills Nottingham, and said: “These two buildings at Pegasus Business Park provided Nottingham City Council with an excellent opportunity to acquire a strong income producing asset.
“What’s more, the scheme is underpinned by the adjacent SEGRO Logistics Park development, which is set to attract a wide range of commercial occupiers to the area, re-establishing it as a top business location and undoubtedly adding value to the existing scheme.”