The Director of Environment and Neighbourhood Services submitted a report seeking authority to acquire two commercial investment properties, in line with the Council’s adopted investment strategy and the three-year medium term financial strategy.

An update report was tabled at the meeting which set out additional information on the financial implications of the proposed purchases.

Resolved –

(1)     That the freehold purchase of the two properties detailed in Section 4 of the report be endorsed;

(2)     That, subject to the satisfactory outcome of Due Diligence, the Director of Environment and Neighbourhood Services, the Director of Resources (S151 Officer) and the Monitoring Officer be authorised to complete the purchase, in consultation with the Leader and Deputy Leader of the Council and the Lead Councillor for Corporate and Consumer Services;

(3)     That, in the event that the final negotiated purchase price for both properties was higher than that set out in the report but still met the tests of the financial model, the purchase proceed only with the joint agreement of the Director of Resources (S151 Officer), Monitoring Officer, Director of Environment and Neighbourhood Services, Leader and Deputy Leader of the Council and the Lead Councillor for Corporate and Consumer Services, and in consultation with the Chair of the Audit and Governance Committee.