Special Meeting, Cabinet - Tuesday, 29th September, 2020 7.00 pm - Agenda and minutes

Venue: Remote Meeting - Link to view the meeting is below

Contact: Chris Todd, Democracy and Community  on 01252 398825 or e-mail:  chris.todd@rushmoor.gov.uk

Link: A recording of the live stream of this meeting is available by clicking this text and following the steps set out

Items
No. Item

27.

EXCLUSION OF THE PUBLIC

To consider resolving:

 

That, subject to the public interest test, the public be excluded from this meeting during the discussion of the undermentioned item to avoid the disclosure of exempt information within the paragraph of Schedule 12A to the Local Government Act, 1972 indicated against such item:

 

Item                Schedule      Category

No.                  12A Para.

                        No.

 

2                      3                      Information relating to financial or business affairs

Minutes:

RESOLVED: That, taking into account the public interest test, the public be excluded from the meeting during the discussion of the under mentioned item to avoid the disclosure of exempt information within the paragraph of Schedule 12A to the Local Government Act, 1972 indicated against the item:

 

Minute           Schedule      Category

No.                  12A Para.

                        No.

 

28                   3                      Information relating to financial or business affairs

THE FOLLOWING ITEM WAS CONSIDERED
IN THE ABSENCE OF THE PUBLIC

28.

PROPERTY INVESTMENT PURCHASE

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.

Presented By: Cllr Martin Tennant, Major Projects and Property Portfolio Holder

Minutes:

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.