Decision details

Commercial Property Opportunity

Decision Maker: Cabinet

Decision status: For Determination

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

To consider a report in accordance with the Council’s agreed Asset Investment Strategy

Decisions:

RESOLVED:

 

That the purchase of the commercial property as detailed in the Exempt Appendix to the report, subject to final legal due diligence and verification which will be authorised by the Executive Head of Financial & Corporate Services (Section 151 Officer) in consultation with the Finance, Investment & Corporate Services Portfolio Holder, be approved.

 

REASONS FOR DECISION:

 

As set out in the report.

 

KEY DECISION:

 

Yes.

 

PORTFOLIO:

 

Finance, Investment and Corporate Services.

 

ALTERNATIVE OPTIONS CONSIDERED/REJECTED:

 

As set out in the report.

 

DECLARATIONS OF INTEREST(S):

 

None.

 

DISCUSSION:

 

The Portfolio Holder introduced the report and highlighted the Council’s programme of commercial investment within the District.  The programme had two main ambitions, to support businesses and communities within the New Forest and to also generate revenues for the Council.  This particular opportunity supported both of these ambitions and would be an excellent addition to the Council’s property portfolio.

 

 

Reason Key: Expenditure > £50,000;

Other reasons / organisations consulted

N/A

Consultees

Property Panel, Executive Management Team, Portfolio Holder for Finance, Investment and Corporate Services

Contact: Andrew Smith, Service Manager - Estates and Valuation Email: andrew.smith@nfdc.gov.uk.

Report author: Andrew Smith

Publication date: 09/05/2022

Date of decision: 04/05/2022

Decided at meeting: 04/05/2022 - Cabinet

Effective from: 17/05/2022

Accompanying Documents: