Decision details

The Executive considered an opportunity to acquire a property in Camberley to assist employment and economic development within the borough and to provide long term income to assist in the ongoing provision of local authority services. The Property Investment Working Group had reviewed the opportunity to acquire this property and had supported the acquisition.

The details of the property were reviewed.The projected income, expected gross return before interest and borrowing costs, and the return on investment after interest and the minimum revenue repayment were also noted.

Members were updated on the situation concerning the price of the acquisition and it was agreed that the proposed amount set out in the agenda report would be the maximum offered.

RESOLVED that

                        (i)          the acquisition of the property identified in the exempt report be approved, for the proposed price identified, on the basis that such acquisition will assist in the employment and economic development of the borough, as well as providing long term income to assist in the provision of public services; and

                         (ii)      the Acting Chief Executive be authorised to complete the due diligence work currently being undertaken and thereafter be further authorised to complete the acquisition of the property, including all necessary legal documentation required to achieve the transfer of ownership, after taking all appropriate legal, valuation and technical advice.

RECOMMENDED to Full Council that the Capital Programme be increased by the amount identified in the exempt report to reflect the estimated total costs of this acquisition.