Decision details
Commercial Property Investment Portfolio
PDF 67 KBDecision Maker: Executive Committee: Commercial Property
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
Purpose:
To update the Executive Committee on
properties purchased through the Council's commercial property
investment strategy (CPIS).
Decision:
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:
None
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
Consultees
Borough Solicitor
Executive Director: Resources
Contact: Kamay Toor, Programme Director: Schools' Capital and Property Email: kamay.toor@bracknell-forest.gov.uk 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