Decision Maker: Executive
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
To obtain the view of the Executive on whether the Council should proceed to purchase the investment opportunity at 136-138 Southampton Road, Park Gate, Fareham on the terms as set out in the confidential Appendix A.
Included on the agenda of this Executive is a report providing an update on the Commercial Property Investment Acquisition Strategy which was put in place after approval from the Executive in January 2013. The reports sets out the commercial investments acquired from the funding allocated by the Executive in January 2013 to provide £3 million as an initial investment to fund a commercial property investment acquisition programme and the Executives decision in November 2013 to provide an additional £5 million to facilitate further investment. The report advises of the financial benefits of investing £8 million in commercial investment property as opposed to treasury related investments.
This report advises that a commercial investment opportunity has become available at 136-138 Southampton Road, Park Gate, Fareham. The owners of the investment are prepared to give the Council exclusivity to purchase the investment until the matter can be referred to this Executive for a decision.
The confidential Appendix A sets out an analysis of the investment, financial information, lease details and heads of terms agreed with the owners to enable the Executive to decide if the investment should be purchased.
RESOLVED that the Executive agrees the purchase of 136-138 Southampton Road, Park Gate, Fareham as a commercial investment on the basis of the heads of terms set out in the confidential Appendix A.
Report author: Grahame Lloyd
Publication date: 10/02/2016
Date of decision: 08/02/2016
Decided at meeting: 08/02/2016 - Executive
Effective from: 20/02/2016