Decision details

Purpose of Report: The report sets out an opportunity which has arisen to make a strategic purchase of a commercial property in York city centre. This follows previous strategic purchases of property in York, most notably in Swinegate in 2017 which was approved by Executive and Full Council. A full business case will be provided in the confidential papers of such.

The report asks Members to recommend to Full Council the establishment of a capital budget to fund the acquisition of the freehold interest of a property in the city centre which will be held within the Council’s commercial property portfolio.

Resolved:  That authority be delegated to the Director of Economy & Place to complete the purchase once all due diligence has been satisfactorily conducted on the property.

Reason:     To ensure the ongoing economic vibrancy of the city centre, whilst increasing the income from the council’s commercial portfolio in line with budget targets.