Decision details

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 regarding the acquisition of property ‘P’.

Cabinet members asked to see the valuation survey for the property before completing acquisition of the asset and agreed that the Portfolio Holders for Housing and Corporate Management be included in the consultation on subsequent negotiations.

Alternative options considered and rejected

To not progress the purchase of the property.

Resolved to:

1.    approve the acquisition of the residential property ‘P’ to be held in the name of its subsidiary Knowle Green Estates Ltd.;

2.    authorise the Chief Financial Officer to make prudent borrowing arrangements for the transaction;

3.    authorise the Chief Financial officer to determine with Knowle Green Estates Ltd the most financially prudent way of financing the transaction between the Council and the Company, noting this may include a Council loan to Knowle Green Estates for the full amount of the funds at cost;

4.    formally agree the offer submitted, and authorise the Property and Development Manager to undertake any necessary subsequent negotiations (including making a further offer if required, in consultation with the Leader, Portfolio Holders for Housing and Corporate Management and the Chief Finance Officer), and complete the acquisition of the asset;

5.    authorise the Head of Corporate Governance to enter into any legal documentation necessary to acquire the asset in the name of Knowle Green Estates Ltd.; and

6.    authorise officers to pursue other opportunities to acquire properties under similar circumstances for Cabinet consideration.

Reasons for decision

Acquiring the residential property will allow the Council to make a substantial revenue budget saving, whilst providing a stable home for a local family with complex needs, as well as providing an asset for future use should the family choose to move on. The acquisition will add to the Knowle Green Estates portfolio of residential properties.