Decision details

Cabinet Member report on acquisition of office investment in WC2 area.

1.         That this report be exempt from disclosure by virtue of the Local Government Act 1972, Schedule 12A, Part 1, paragraph 1, in that it contains information relating to an individual and paragraph 3 in that it refers to the financial or business affairs of others (including the authority holding that information).

2.         The Cabinet Member for Finance and Corporate Services approved a gross spend up to the amount as set out in the report for the acquisition of the freehold of an office investment in WC2 and agreed that authority be delegated the Executive Director of Growth, Planning and Housing to conclude negotiations in the best interest of the Council, including the negotiation of all heads of terms.

Reasons for Decision 

The recommendation is to purchase a central London office investment in order to provide an income return to the Council. The acquisition fulfils the Council’s investment drivers and the additional income generated by the new investment assists the Council in the continued funding and delivery of front line servicesto contribute to the Council’s City for All aspirations.