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 provide a mid year update regarding the properties purchased through the Council's commercial property investment strategy.

Decision:

That the Executive Committee notes the information and agrees 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 target in revenue income to support front line services.

Alternative options considered:

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

 

2.     One or more properties could be sold, releasing a gain on the capital sum invested. However, The Debt Management Office (DMO) within the treasury, has now published guidance, restricting how the receipt can be used. A summary of the guidance was set out in the November 2021 property investment report. With longterm leases remaining in place for all properties there is no valid reason to consider sales or re-negotiation of leases at the current time.

Interests and Nature of Interests Declared:

None

Reason Key: Expenditure > £400,000;

Wards Affected: (All Wards);

Financial Impact: Detailed within report

Declarations: None

Subject to Urgent Proceedings: No

Making Representations: In writing to the Executive Director: Resources

Other reasons / organisations consulted

None

Contact: Kamay Toor, Assistant Director: Property Email: kamay.toor@bracknell-forest.gov.uk Tel: 01344 355183.

Report author: Kamay Toor

Publication date: 21/06/2022

Date of decision: 21/06/2022

Decided at meeting: 21/06/2022 - Executive Committee: Commercial Property

Effective from: 29/06/2022

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