Decision details

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

The decision is being made in accordance with Rule 15 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 seller of the property demanding that the Council exchanges contracts and completes the transactions within a very short timescale.  The acquisition will be subject to appropriate due diligence for a transaction of this nature.

The Cabinet Members approve:

1.1  The acquisition of an office investment property; and

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

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 15 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 seller of the property demanding that the Council exchanges contracts and completes the transactions within a very short timescale.  The acquisition will be subject to appropriate due diligence for a transaction of this nature.

None.