East Devon District Council has purchased the Ocean Blue building on The Esplanade in Exmouth - LED Leisure Management Ltd will continue to occupy and pay a rent to the building's new owners.

East Devon District Council has completed the acquisition of the Ocean Blue leisure complex on Exmouth seafront for £2,700,000 using the council's Commercial Investment Fund.

This is the first investment that the council has made using its £20,000,000 Commercial Investment Fund.

The fund is designed to generate £450,000 net income per annum to support council services and activities going forward. This will help address future budget challenges for the council and contribute to wider growth and prosperity for residents, businesses and visitors to East Devon.

With this purchase the council is now direct landlord to LED Leisure Management Ltd and will benefit from the rental income this building generates.

Vickery Holman acted for the vendor.

Councillor Geoff Pook, portfolio holder for asset management, said: "I am delighted that the council has now completed the acquisition of the Ocean Blue leisure complex on the Esplanade at Exmouth for £2,700,000 using its Commercial Investment Fund.

"Investment in this and other properties over the next few years will help the council towards financial self-sufficiency along with giving the council a further and direct stake in the growth, prosperity and place making aspirations across East Devon.

"The seafront at Exmouth has a great future with Sideshore Watersports Centre now coming alive and, with exciting opportunities for the next phase of Queen's Drive development, this is a great location to invest in."