Decision details

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

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.