Decision details

Considered by the Cabinet Advisory Sub-Committee (Property Investment)

The Cabinet Member for Finance and Assets reported on the proposed acquisition of an investment property in Billingshurst.

The proposed acquisition, which met the relevant criteria, would be funded from the capital budget allocated for the purpose of acquiring commercial investment properties as they arose from time to time in the District provided that they achieved a 6% yield.

            RESOLVED

            That the proposed purchase be approved and the Director of Planning, Economic Development and Property be authorised to complete the purchase subject to satisfactory due diligence.

            REASON

            To enable the Council to expand its commercial Investment Portfolio in order to continue to build a revenue stream to support the Council’s general activities and to acquire a property which has development potential to extend a local car park.