Decision details

Approval of property purchase

Exempt report of the Corporate Director (Resources, Environment and Cultural Services) on a property investment opportunity.

(1)        The Decision Taken

RESOLVED:

(1)       That the Cabinet agrees in principle to purchase the property as outlined in the exempt report.

(2)       That delegated authority be given to the Corporate Director (Resources, Environment and Cultural Services), in consultation with the Executive Member (Resources), to agree the final offer for the purchase once the building survey and due diligence process were completed.

(2)        Reasons for the Decision

A budget of £10M had been set aside for direct property investment in the Borough for regeneration purposes as well as providing an ongoing revenue income and an investment opportunity had been identified.