Issue details

Establishing an Investment Budget for a Strategic Commercial Property Acquisition

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.

Decision type: Key

Reason Key: Cabinet Decision - a 'Key Issue' - decision leading to savings or expenditure of £500,000 or above;

Decision status: For Determination

Wards affected: (All Wards);

Notice of proposed decision first published: 30/10/2019

Anticipated restriction: Part exempt  - View reasons

Explanation of anticipated restriction:
3. Information relating to the financial or business affairs of any particular person (including the authority holding that information).

Decision due: 28/11/19 by Executive

Lead member: Executive Leader (incorporating Policy, Strategy and Partnerships), Executive Member for Economy and Strategic Planning, Executive Member for Finance and Performance

Lead director: Corporate Director of Economy and Place

Department: Directorate of Economy and Place

Contact: Tracey Carter, Assistant Director-Regeneration and Asset Management Tel No. 01904 552167; Email: tracey.carter@york.gov.uk, Nick Collins, Commercial Property Manager Email: nicholas.collins@york.ov.uk.

Consultation process

All appropriate Officers and Members have been consulted.

Decisions

Agenda items

Documents

  • Establishing an investment budget for a strategic commercial property acquisition  

 

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