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RULE 15 Acquisition of an income generating office investment

 

 

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.

 

 

 

 

Decision type: Key

Decision status: Approved

Notice of proposed decision first published: 13/07/2017

This decision will be taken under urgency procedures.

Reason for urgency:
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.

Anticipated restriction: Part exempt  - View reasons

Explanation of anticipated restriction:
Information relating to the financial or business affairs of any particular person (including the authority holding that information)

Decision Type: Key Decision;

Decision due: Not before 22nd Jul 2017 by Leader of the Council, Cabinet Member - Finance and Efficiency

Lead director: Strategic Director - Resources

Contact: Richard Long, Head of Property Services Email: richard_long@bathnes.gov.uk Tel: 01225 477075.

EFP Reference: E2990

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