Decision Maker: Executive Committee: Commercial Property
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
To provide a mid year update regarding the
properties purchased through the Council's commercial property
That the Executive Committee notes the information and agrees that no further action is required at this point.
To enable the Executive Committee to monitor progress against the Council’s agreed
CPIS target in revenue income to support front line services.
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.
Reason Key: Expenditure > £400,000;
Wards Affected: (All Wards);
Financial Impact: Detailed within report
Subject to Urgent Proceedings: No
Making Representations: In writing to the Executive Director: Resources
Other reasons / organisations consulted
Contact: Kamay Toor, Assistant Director: Property Services Email: firstname.lastname@example.org 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