Purpose

Acquisition of
Commercial Property Investment which is in close proximity to
existing Council interests at Maida Hill

Decision

Summary of Decision
 
The Cabinet Member for Finance
and Council Reform has approved:

·      
The acquisition of the freehold known as 2-4 Elgin
Avenue, London W9 3QP with a gross spend of up to £2.34
million to meet the full cost of the purchase

·      
Entering into the legal documents necessary to
facilitate the acquisition.
 
Reasons for Decision
 
The property at 2-4 Elgin
Avenue is located close to a number of the Council’s existing
significant property interests and sits within the North-West
Economic Development Area where co-ordinated intervention
activities are being managed via the North Paddington
Programme.
 
Through this strategic
acquisition, the Council will be able to select a preferred new
tenant by considering both the commercial terms on offer as well as
any potential community benefit.