EAST Hampshire District Council has rubber-stamped plans to develop a new “framework” which will see it buying things like community buildings and facilities.

This adds to its commercial investment strategy and allows it to make “purchases which could enhance towns and villages” to deliver an “economic, social or environmental return”. The council said these investments must “essentially be ‘cost neutral’” over a five-year period.

The council’s cabinet has signed off on developing the scheme, known as the Place-making and Regeneration Investment Framework.

The new approach will be part of the council’s Enhance East Hants plans where it will be working alongside parish and town councils as well as local community groups to improve each of the district’s areas while “maintaining their own distinct identity”.

The council’s £142 million property portfolio includes commercial assets like the Iceland building in Alton and Rams Walk in Petersfield.

Last year it purchased Tesco, in Quedgeley, Gloucester which is currently valued at £38,830,000.

However, the council has been criticised over its 2014 purchase of The Metro Inn Hotel on the A3 near Liphook after it emerged earlier this year that it was set to make a loss on the £1.2m investment.

Despite setbacks, the council insist its property investment strategy is sound and generates more than £3m a year for public services.

The new plan draws on the “place-making expertise” gathered over the last 10 years of work regenerating Whitehill and Bordon.

In some areas of the district the framework could be used for “regeneration-style activities” to help boost the economy and encourage businesses to move in.

Once it is developed, a “robust governance structure” will be established and “clear investment criteria” will be set to ensure the council “achieves best value for money” and delivers “clearly defined” outcomes for the community.

As part of this “rigorous scrutinisation” of potential investments, detailed business cases will be developed for each proposition.

The council’s cabinet will also consider every proposal before any purchases are made.

Councillor Robert Mocatta said while financial returns are “really important” this framework “will be about much more”.