Decision

It was RESOLVED that cabinet:
 
2.1.1 Noted the annual report on the
Council’s Commercial Property Investment Portfolio (contained
in Exempt Appendix 1);
 
2.1.2 Noted the rationale provided and
approved the reclassification of assets as set out in Appendix
2;
 
2.1.3 Noted the update in respect of the
recommendations as approved by Cabinet in February 2024 (contained
in exempt appendix 3);
 
2.1.4 Noted the preferred options in respect
of the rest of the portfolio assets and associated asset summaries
(contained within Exempt Appendix 4);
 
2.1.5 Noted the rationale and approved the
‘roadmap’ and recommended approach as set out in Exempt
Appendix 6;
 
2.1.6 Delegated to the Director of
Regeneration & Prosperity, subject to a business case and
Treasury Management review and in consultation with the Chief
Executive, the Leader, Chief Finance Officer (s151 Officer) and
Monitoring Officer as well as the Portfolio Holders responsible for
Investment Property and Finance, the Executive authority to decide
upon actions and/or options to be taken on individual commercial
property investment assets. Such actions and/or options to be in
accordance with the approach as set out in Exempt Appendix to
include; all relevant marketing, negotiations, legal transactions
and any other related activity deemed appropriate; and
 
2.1.7 Delegated to the Director of
Regeneration & Prosperity, in consultation with the Chief
Finance Officer (s151 officer) and Portfolio Holder for Finance,
Executive authority to draw down funding from the relevant reserves
to procure, commission and other related activity deemed necessary
to support the above