Decision details

Commercial Property Investment Portfolio

Decision Maker: Executive Committee: Commercial Property

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes


To update the Executive Committee on properties purchased through the Council's commercial property investment strategy (CPIS).


RESOLVED that the Executive Committee – Commercial Property:


i.       Notes the update on the properties previously acquired through the CPIS and agrees that no further action is required at this point.


ii.     Authorises the Assistant Director: Property Services to undertake detailed due diligence regarding an opportunity that has arisen to potentially acquire a property.


iii.    Subject to the findings of the due diligence process, authorise the Assistant Director: Property Services, in consultation with the Chief Executive, the Executive Director: Resources and the Borough Solicitor to pursue negotiations to purchase the property for a consideration of up to the asking price agreed by the Committee, noting that any initial offer would be significantly below this level.


Reasons for the decision:

Detailed within the confidential report.

Alternative options considered:

Detailed within the confidential report.


Interests and Nature of Interests Declared:


Reason Key: Expenditure > £400,000;

Wards Affected: (All Wards);

Financial Impact: As set out in the report.

Declarations: None

Subject to Urgent Proceedings: No

Making Representations: By report

Other reasons / organisations consulted

By report


Borough Solicitor
Executive Director: Resources

Contact: Kamay Toor, Assistant Director: Property Services Email: Tel: 01344 355183.

Report author: Kamay Toor

Publication date: 29/06/2023

Date of decision: 29/06/2023

Decided at meeting: 29/06/2023 - Executive Committee: Commercial Property

Effective from: 07/07/2023

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