Property Investment Disposal - Key Decision New!
Leader of the Council
Not before 18th Jun 2019
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.