COUNCIL chiefs are considering buying Birchwood Park in its latest foray into the property market.

The deal, worth in the region of £210 million, was discussed by Labour councillors at their group meeting on Thursday night.

It would be by far the biggest purchase made by the council and follows deals to acquire land which houses DW gym in the town centre and Matalan, on Winwick Road, earlier this year.

The matter will come before the executive board at a special meeting on July 24 following backing from members of the Labour group who were in attendance.

The deal to buy the park, which is owned by Oaktree Capital Management and Patrizia, could see the council earn between £5 million and £10 million a year in rent. More than 150 businesses are currently housed at the site.

However, some Labour councillors are understood to be against the plan.

A source said there was nervousness about how Brexit would affect business and the purchase could lead the council open to significant risk if economic conditions worsen.

The source added that there were also 'moral implications' about the deal as it involves overseas investment and associated tax breaks.

It is understood that only around half of the Labour group were in attendance at the meeting.

Buying commercial property is becoming increasingly attractive for local authorities as they seek to mitigate the damage to their budgets caused by cuts in Government funding.

A council spokesman said the authority is unable to comment due to commercial sensitivities.