Issue - meetings

To consider exempt information in relation to the acquisition of property investments in Redhill.

RESOLVED that the exempt information relating to the acquisition of property investments in Redhill be noted.

Councillor Mrs N.J. Bramhall, Executive Member for Property and Regeneration, introduced the exempt information in relation to the acquisition of property investments in Redhill.

RESOLVED that the exempt information relating to the acquisition of property investments in Redhill be noted.

To consider the acquisition of property investments in Redhill.

RESOLVED that:

The Head of Property, in consultation with the Head of Finance and the Executive Members for Property and Regeneration and Finance, be authorised to:

a)    Acquire, for investment purposes, the Freehold and Long Leasehold properties referred to in the report to the Executive.

b)    Agree any variations to the heads of terms and to the acquisition price further to external valuation advice and due diligence investigations.

Councillor Mrs N.J. Bramhall, Executive Member for Property and Regeneration, introduced the report concerning the acquisition of one freehold and two long leasehold interests in three industrial units in Redhill.

The Executive Member for Property and Regeneration highlighted that the Council’s Five Year Plan (2015-2020) identified property investment and development as one of its key objectives. It was explained that these acquisitions would provide an additional revenue stream and would also give the Council greater control of a strategic land holding in Redhill town centre, with potential for future development.

Councillor Mrs Bramhall informed the Executive that heads of terms for the purchase had been agreed but, as set out in the report, it was recommended that a delegation be put in place to allow for variations to the agreed terms. It was noted that this would allow for any changes necessary following due diligence investigations, including the valuation and surveys of the properties.

The Executive noted that full details of the Council’s bid, the financial implications and the property addresses had been set out in the exempt Part 2 section of the agenda.         

RESOLVED that:

The Head of Property, in consultation with the Head of Finance and the Executive Members for Property and Regeneration and Finance, be authorised to:

a)    Acquire, for investment purposes, the Freehold and Long Leasehold properties referred to in the report to the Executive.

b)    Agree any variations to the heads of terms and to the acquisition price further to external valuation advice and due diligence investigations.

Reason for decision: To acquire, subject to the usual due diligence, three property investments in Redhill to support the Council’s 5 Year Plan objective to become financially self-sufficient.

Alternative options: Investigate alternative property acquisitions or do nothing.