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Issue - meetings

Establishing an Investment Budget for a Strategic Commercial Property Acquisition

Meeting: 28/11/2019 - Executive (Item 73)

73 Establishing an Investment Budget for a Strategic Commercial Property Acquisition pdf icon PDF 399 KB

The Corporate Director of Economy & Place to present a report which seeks to establish a capital budget to fund the acquisition of the freehold interest in a York city centre asset.

Additional documents:

Decision:

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.

Minutes:

[See also under Part B]

 

The Assistant Director for Regeneration, Growth & Asset Management presented a report which sought to establish a capital budget to fund the acquisition of the freehold interest in a York city centre asset.

 

A non-binding, subject to contract offer had been made on the property, which was currently let to a commercial tenant.  The council was now the preferred bidder.  The purchase would be a strategic lever in future consideration of how the city centre would adapt to the changing retail environment, as well as adding to the rental income stream generated by the council’s existing commercial portfolio, and was in line with the budget strategy.  The property also had development potential  for increased public access, and possible residential conversion of the upper floors. 

 

In response to Members’ questions, and comments made under Public Participation on this item, officers advised that:

·        Keeping the details confidential was a condition of the vendor accepting the council’s offer.

·        The property strategy to date had been driven by opportunities arising; the My City Centre project would explore the potential for a more interventionist approach.

·        The former Post Office building was not public sector owned and had no viable business case or strategic function.

·        A report on Bootham Park would be brought in the new year.

 

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.


 

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