Issue - meetings

The Assistant Director of Regeneration and Asset Management to present a report which presents the due diligence undertaken to support thestrategic acquisition of a city centre property portfolio as agreed by Executive on 13 July 2017, and to confirm the location of the asset and the final business case. The budget for the acquisition was recommended to full council on 20 July 2017.

Resolved:  The Executive agrees:

                                 (i)       That subject to Full Council having approved on 20 July 2017 a capital budget of £15 million to make a strategic acquisition of a mixed commercial portfolio in York city centre; 

                               (ii)       To delegate to the Director of Customer and Corporate Services authority to complete the acquisition of the freehold of Swinegate Court provided that the findings of the due diligence process do not undermine the purpose of the acquisition; and

                              (iii)       To authorise the funding of the acquisition of the asset referred to in (ii) above and all related costs from the capital budget referred to in (i) above.

Reason:        To ensure the ongoing economic vibrancy of the city centre and increase the income from the council’s commercial property portfolio in order to achieve budget targets.

Members considered a report which presented the due diligence undertaken to support thestrategic acquisition of a city centre property portfolio as agreed by Executive on 13 July 2017, and to confirm the location of the asset and the final business case. The budget for the acquisition was recommended to full council on 20 July 2017.

The opportunity for the Council to set policy in respect of leaseholder requirements and influence the balance and diversity of offer was highlighted.

Resolved:  Following full Council approval on 20 July 2017 of a capital budget of £15 million to make a strategic acquisition of a mixed commercial portfolio in York city centre, the Executive agree to:-

                                 (i)       Delegate to the Director of Customer and Corporate Services authority to complete the acquisition of the freehold of Swinegate Court provided that the findings of the due diligence process do not undermine the purpose of the acquisition; and

                               (ii)       Authorise the funding of the acquisition of the asset referred to in (i) above and all related costs from the capital budget of £15 million, as agreed by full Council on 20 July 2017.

Reason:        To ensure the ongoing economic vibrancy of the city centre and increase the income from the council’s commercial property portfolio in order to achieve budget targets.