Purpose

To review and determine the proposed
arrangements for the acquisition.

Content

Decision:
Delegate Authority to the Joint
Assistant Director for Assets and Property in consultation with the
Portfolio Holder for Finance and Joint Strategic Director for
Finance and Resources to negotiate final terms and purchase the
long leasehold interest in respect of 35 Moorfield Road, Slyfield
Industrial Estate, Guildford, GU1 1RU
 
Reason(s):
In accordance with the current
Acquisition strategy to invest into the Council’s existing
assets with the aim of regeneration and to enhance the capital
value, alongside the rental income.
 
Other options considered and
rejected by the Executive:
To withdraw from the proposed
transaction. The Council would fail to benefit from a significantly
enhanced rental income. At the same time the Council’s unique
opportunity to generate additional synergistic capital value (the
difference between the existing freehold value added to the price
paid for the long lease, deducted from the merged freehold
interest) will be lost.
 
Details of any conflict of
interest declared by the Leader or lead councillors and any
dispensation granted:
None.