Issue details

Property Investment Disposal - Key Decision

Decision type: Key

Decision status: For Determination

Notice of proposed decision first published: 10/06/2019

This decision will be taken under urgency procedures.

Reason for urgency:
An offer has been received for a multi-occupied office property located out of the City. The offer is in excess of the 2016 acquisition cost and the current assessment of Market Value, and a sale at this time will release a capital receipt for reinvestment. Parts of the property are currently vacant, so a disposal at this time will limit the financial pressure on the Property Trading Account. This item could not be included on the 28-Day Notice because the purchaser has requested a completion within 10 days of the receipt of the legal pack for the property. These are market-facing terms with which we are keen to comply, as the sale will yield a good financial result for the Council.

Anticipated restriction: Part exempt  - View reasons

Explanation of anticipated restriction:
The public interest in maintaining the exemption outweighs the public interest in disclosing the information because this is an offer to acquire a property and disclosure of the offer could result in the sale falling through and a loss of a capital receipt to the Council.

Decision due: Not before 18th Jun 2019 by Leader of the Council

Lead member: Leader of the Council

Lead director: Corporate Director for Development and Growth

Department: Development and Growth

Contact: Beverley Gouveia Email: Tel: 01158762381.