Issue - meetings

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

RESOLVED that the exempt information in relation to the acquisition of a property investment in Redhill be noted. 

RESOLVED that the exempt information in relation to the acquisition of a property investment in Redhill be noted. 

To consider an update on the acquisition of a property investment in Redhill.

RESOLVED that further to the Executive approval in July 2018, to proceed with the acquisition of a property investment in Redhill at the revised price detailed in the exempt Part 2 report.    

Councillor Mrs N.J. Bramhall, Executive Member for Property and Acquisitions, provided an update on the acquisition of a property investment in Redhill.

Councillor Mrs Bramhall explained, following Executive approval being obtained in July 2018, that the owner of the subject property had advised the Council of some amendments to the proposed terms of the sale. It was noted that this included an increase to the gross purchase price.

The Executive was informed that detailed consideration had been given to the vendor’s required changes, which included obtaining advice from several independent property experts. The Executive Member for Property and Acquisitions explained that a purchase of the property on the revised terms was still considered a good acquisition for the Council.

It was noted that full details of the amendments and the financial implications had been set out in the exempt Part 2 report on of the agenda.

Clerk’s note – at this point in the meeting (at 8.20pm) agenda item 7 (Update on Acquisition of Freehold in Redhill) was adjourned so that exempt information, agenda items 11 (Exempt Business) and 12 (Update on Acquisition of Freehold in Redhill – Exempt), could be considered ahead of making a decision.

Clerk’s note – The minutes of the meeting reflect the order of business listed on the published agenda, not the order taken during the meeting.

On conclusion of agenda item 12 (at 8.35pm) the Executive returned to agenda item 7 and;    

RESOLVED that further to the Executive approval in July 2018, to proceed with the acquisition of a property investment in Redhill at the revised price detailed in the exempt Part 2 report.

Reason for decision: To obtain Executive authority to proceed with a freehold acquisition in Redhill on revised terms to secure additional income to support the Council’s 5 Year Plan objective to become financially self-sufficient.     

Alternative options: Investigate alternative property acquisitions, investigate a joint venture on the purchase or do nothing.