To consider the acquisition of a property.

[Paragraph 3 – information relating to the financial or business affairs of any particular person (including the authority holding that information)]

Cabinet considered an exempt report on the acquisition of property ‘Z’.

Alternative options considered and rejected by Cabinet:

Not to proceed with the purchase.

Resolved to:

1)    agree to purchase Property Acquisition Z;

2)    agree a sub-sale of the property to Knowle Green Estates Limited;

3)    approve the funding of Knowle Green Estates Limited to facilitate acquisition of the property; and

4)    formally approve the terms and conditions agreed and authorise the Chief Executive (in consultation with the Chief Finance Office, the Leader and the Cabinet Member for Finance) to agree any further additional terms as purchaser of the property and subsequent funder to enable Knowle Green Estates Limited to proceed with its acquisition of the property.

Reason for Decision

To facilitate the acquisition of 43 new affordable apartments with 27 car parking spaces.