Decision details

Property Investment Strategy

Decision Maker: Executive

Decision status: For Determination

Is Key decision?: Yes

Is subject to call in?: No

Purpose:

To approve a new property investment strategy which will provide a robust and viable framework for the acquisition and retention of commercial properties located within the borough.

Decision:

Decision:

To defer the decision to a future meeting of the Executive.

 

Reason(s):

To reconsider when there can be a full discussion with members of the Executive and where the confidential Appendix 3 can be considered which it had been intended to circulate with a Late Sheet prior to the meeting being cancelled.

 

Options considered and rejected by the Leader of the Council:

1.     To approve the Property Investment Strategy.

2.     To approve the delegation of authority to the Head of Asset Management in consultation with the Director of Strategic Services, the Chief Financial Officer and the Lead Member for Finance, Asset Management and Customer Services, to acquire property within the set parameters of the strategy.

 

Details of any conflict of interest declared by the Leader and any dispensation granted:

None.

 

Details of any written submissions received and considered by the Leader from other members of the Executive, councillors or public:

 

Cllr Patrick Sheard (non-Exec member):

Given the latest strictures form HMG over the last few days, I don’t feel it appropriate to take any decision at this current point in time.

 

Cllr Deborah Seabrook (non-Exec member):

Does this need reappraising in the light of the current circumstances? It is extremely difficult to discern what is going to be a good investment at this time but perhaps green energy projects provide more certainty. I attended the big energy summit and am in the course of writing a note on this topic.  

 

Leader’s response:

This isn’t making it a priority to spend on property, current events will change all sorts of investment portfolios and all this does is allow for an action if deemed necessary.

Report author: Melissa Bromham

Publication date: 26/03/2020

Date of decision: 24/03/2020

Decided at meeting: 24/03/2020 - Executive

Accompanying Documents: