Decision details

Cabinet considered an exempt report on an opportunity to acquire an asset capable of generating strong levels of income, and thereby increase the Council’s asset base.

Alternative options considered and rejected by the Cabinet:

·         Not to submit a bid for the asset.

Resolved to:

1.    Approve the acquisition of the investment asset identified in this report;

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

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;

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

5.    Agree to exempt Contract Standing Orders in respect of our advisors.

Reason for Decision

Conversion or redevelopment of this strategic site to residential (with the option of a commercial ground floor use) will bring considerable economic benefit to Staines-upon-Thames town centre, and provide much needed residential accommodation. The income stream will assist in the future long term financial stability of the Council.