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Investment properties bought by East Suffolk Council nearly halved in value with a loss of £3.5m, according to a report made to the Audit and Governance Committee.
The council has five investment properties in Lowestoft and Beccles, which were purchased for £7.28m, but only two had increased in value at the end of by June 2025.
Its portfolio included the derelict Wilko store, now valued at £0.
Opposition councillor, Conservative Geoff Lynch, who sits on the committee, told the BBC the losses were a “concern” and “not expected”.
The council said it could not “go into full details” for “commercial reasons”, but the £0 value was because Wilko had been “demolished to make way for the new Cultural Quarter”.
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