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.