Decision details

Establishing an Investment Budget for a Strategic Commercial Property Acquisition

Decision Maker: Executive

Decision status: Decision Made

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

Purpose of report: The report sets out an opportunity which has arisen to agree a strategic purchase of a mixed commercial portfolio in York city centre, following the purchase last year of the Swinegate property portfolio.

 

Members will be asked to agree to this strategic purchase.

Decision:

Resolved:  That authority be delegated to the Corporate Director of Economy & Place to complete the purchase of the freehold interest in the commercial property assets in the Swinegate area identified in exempt Annex A to the report, once all due diligence is satisfactorily conducted on the assets.

 

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

Report author: Tracey Carter

Publication date: 28/09/2018

Date of decision: 27/09/2018

Decided at meeting: 27/09/2018 - Executive

Effective from: 02/10/2018

Accompanying Documents:

 

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