Issue - meetings

To consider Exempt Report No. RP2015 (copy attached), which sets out a proposal for the acquisition of properties as part of the Council’s Commercial Property Investment Strategy.

The Cabinet considered Exempt Report No. RP2015, which set out a proposal to acquire the freehold investments in two properties, as part of the Commercial Property Investment Strategy in the Council’s Medium Term Financial Strategy.

The Cabinet was informed that the acquisitions proposed were in line with the Commercial Property Investment Strategy. Initial due diligence and risk assessment had been undertaken by officers and had been supported by Lambert Smith Hampton Investment Management. The properties had scored highly on the matrix for assessing potential purchases and it was considered that the proposed acquisitions would deliver a positive net return for the Council, with low risk. Members expressed strong support for the proposed purchases.

The Cabinet RESOLVED that the purchase of the freeholds of both properties, subject to due diligence and as set out in Exempt Report No. RP2015, be approved.