Decision details

Cabinet considered a recommendation from the Property and Investment Committee on the acquisition of property ‘AA’, a key retail unit in the High Street,  Staines upon Thames providing an opportunity for strategic regeneration within the Borough. 

Resolved to:

1.    Approve the acquisition of the site (property ‘AA’) for strategic regeneration within the Borough;

2.    Agree the offer submitted for the acquisition, and authorise the Chief Executive in consultation with the Chief Finance Officer, the Leader and the Cabinet Member for Finance to undertake any necessary subsequent negotiations (including a further bid if required) and complete the acquisition of the asset;

3.    Authorise the Chief Finance Officer to decide (i) the most financially advantageous funding arrangements for the purchase, (ii) the most tax efficient method of holding the asset, and overall to ensure the acquisition is prudentially affordable; and

4.    Authorise the Group Head of Corporate Governance to enter into any legal documentation necessary to acquire the asset.

Reason for Decision

This regeneration acquisition directly supports the Council’s longer term sustainability vision for the town centre, enabling reduced reliance on mainstream retail and a transition towards more diversified uses including residential.  Moreover, it enables the Council to attain control of a key High Street unit that is currently integrated and focal to the shopping centre, and strategically important to the wider Staines-upon-Thames town centre and the Council’s regeneration aspirations.  The acquisition provides a long term residential led, mixed-use development opportunity for the Council.