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Decision details

Acquisition of an income generating office investment to incorporate within the Commercial Estate

Decision Maker: Cabinet Member - Finance and Efficiency, Leader of the Council

Decision status: Approved

Is Key decision?: Yes

Is subject to call in?: No

Purpose:

This report sets out the terms of the proposed acquisition of an income generating office investment property.

Decision:

The Cabinet Members approve:

1)  The acquisition of an investment property; and

2)  Capital expenditure on the acquisition of the property and any necessary adjustments to the 2017/2018 capital budget to reflect this approval.

Reasons for the decision:

The rationale for the decision is largely on a value for money basis, having considered the risks to the Council of not taking it.

 

The decision is being made in accordance with Rule 16 of the Council’s constitution.  It would generally to be an ordinary single member decision but to enable the transaction to complete successfully it is necessary to use of the Council’s urgency procedure.

 

The urgency arises as a result of the owner of the property requiring exchange of contracts within 10 working days of agreeing to dispose of the property to the Council.  The acquisition will be subject to appropriate due diligence for a transaction of this nature.

Alternative options considered:

None.

Urgent item?: Yes

Publication date: 05/04/2017

Date of decision: 05/04/2017

Accompanying Documents: