Establishing an Investment Budget for a Strategic Commercial Property Acquisition
Decision Maker: Executive
Decision status: For Determination
Is Key decision?: Yes
Is subject to call in?: Yes
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.
Report author: Tracey Carter
Publication date: 28/11/2019
Date of decision: 28/11/2019
Decided at meeting: 28/11/2019 - Executive
Effective from: 03/12/2019