Surrey Heath Borough Council paid £8m for St George's Industrial Estate in Frimley Road, Camberley.
It said the estate was expected to generate income of £560,000 a year and help economic growth in the area.
Councillor Moira Gibson said: "Over the years our grants from government have reduced and we need to bolster the income the council earns."
She said the industrial estate was very successful, with a range of small businesses from printers to car showrooms.
It had a small number of vacancies which were expected to be filled easily.
Ms Gibson said that, in common with most other councils, Surrey Heath had a property acquisition strategy to supplement income from council tax.
"We have already had a grant from the local enterprise partnership to buy another property in Camberley with a view to development," she said.
A Surrey local authority has bought a 23-unit industrial estate in a bid to increase its income.