Decision details

Commercial Property Investment Strategy - Update

Decision Maker: Executive Committee: Commercial Property

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

To receive an update on the Commercial Property Investment Strategy.

Decision:

That the information provided in Annex A of the Chief Executive’s report is noted and agreed that no further action is required at this point.

Reasons for the decision:

To enable the Executive Committee to monitor progress against the Council’s agreed CPIS, aimed at securing an additional net £3m per year in revenue income to support front line services.

Alternative options considered:

i.      The option of undertaking further purchases has previously been considered by the Executive Committee and rejected. 

 

ii.     One or more properties could be sold, realising a gain on the capital sum invested.  However with long-term leases remaining in place for all properties there is no good reason to do so at this time.

 

Interests and Nature of Interests Declared:

None

Reason Key: Expenditure >£400,000 & Affects more than 1 ward.;

Wards Affected: (All Wards);

Financial Impact: To be included within report

Declarations: None

Subject to Urgent Proceedings: No

Making Representations: In writing the Executive Director:Delivery

Other reasons / organisations consulted

None

Consultees

No

Contact: Steven Caplan, Assistant Director: Property Email: steven.caplan@bracknell-forest.gov.uk Tel: 01344 352474.

Report author: Steven Caplan, Stuart McKellar

Publication date: 18/06/2019

Date of decision: 18/06/2019

Decided at meeting: 18/06/2019 - Executive Committee: Commercial Property

Effective from: 26/06/2019

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