Decision details

Acquisition of income generating investments to incorporate within the Commercial Estate to move to full approval from provisional.

The Cabinet Members approve:

1.1  The acquisition of two investment properties which are in accordance with external legal advice but noting that the purchase of one of the properties does not meet with MHCLG guidelines as it is outside of the Bath and North East Somerset boundary; and

1.2  Capital expenditure on the acquisition of the properties and any necessary adjustments to the 2018/2019 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 16 of the Council’s constitution.  It would generally be an ordinary single member decision but to enable the transactions to complete successfully it is necessary to use the Council’s urgency procedure.

The urgency arises as a result of the owner of one of the properties requiring completion by a specified date from the agreed heads of terms in September 2018 or risk placing the investment back on the market. The acquisitions are subject to appropriate due diligence for transactions of this nature.

None.