Issue - decisions

Commercial Property Investment Portfolio

29/06/2023 - Commercial Property Investment Portfolio

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.