Purpose

To update the Executive Committee on
properties purchased through the Council's commercial property
investment strategy (CPIS).

Decision

RESOLVED that the Executive Committee
– Commercial Property:
 

i.      
Notes the update on the properties previously acquired through the
CPIS and agrees that no further action is required at this
point.
 

ii.    
Authorises the Assistant Director: Property Services to undertake
detailed due diligence regarding an opportunity that has arisen to
potentially acquire a property.
 

iii.   
Subject to the findings of the due diligence process, authorise the
Assistant Director: Property Services, in consultation with the
Chief Executive, the Executive Director: Resources and the Borough
Solicitor to pursue negotiations to purchase the property for a
consideration of up to the asking price agreed by the Committee,
noting that any initial offer would be significantly below this
level.