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Decision details
Potential Commercial Property Purchases (Part 2)
Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
Purpose:
To consider the potential acquisition of two commercial properties within Hastings:
1. Property A
2. Property B
Decisions:
RESOLVED that the public be excluded from the meeting during the, consideration of the items of business listed below because it is likely that if members of the public were present there would be disclosure to them of “exempt” information as defined in the paragraphs of schedule 12A to the Local Government Act 1972 referred to in the relevant report.
The Assistant Director Financial Services & Revenues submitted a report to consider the potential acquisition of two commercial properties within Hastings:
1. Property A
2. Property B
The report was presented by the Assistant Director Financial Services & Revenues
The Council needs to ensure that key areas remains attractive for the future to ensure businesses are attracted to, and remain in, Hastings – particularly so as the Council will need to ensure business rate growth in the future.
Both properties provide the Council with the opportunity to diversify its property holdings and change the overall risk exposure within the portfolio. The Council would also secure additional income streams. Both properties scored highly on the property matrix used to help determine purchasing.
Councillors were in support of purchasing the property due to the key locations occupied, future regeneration and development should the current leases not be renewed and also for the additional income generation.
Councillor Chowney proposed approval of the recommendations of the report, seconded by Councillor Fitzgerald.
RESOLVED (Unanimously)
1. That delegated authority be given to the Chief Finance Officer, in consultation with the Leader, to acquire Property A for the agreed costs in the report.
2. To agree to purchase the long lease of Property B for the agreed costs in the report.
Reasons for the decision
The purchase of Property A provides an opportunity to secure a significant site in a prime location. This would help secure the long term economic development of Hastings and St Leonards, protect business rate income for the future, along with the potential to develop the site further, whilst also securing an income stream to help provide services within the borough.
With regards to Property B, the Council already owns the freehold and has the potential to acquire the leasehold interest. The site is a prime location within
Hastings.
The Council needs to ensure that key areas remains attractive for the future to ensure businesses are attracted to, and remain in, Hastings – particularly so as the Council will need to ensure business rate growth in the future.
Both properties provide the Council with the opportunity to diversify its property holdings and change the overall risk exposure within the portfolio. The Council would also secure additional income streams.
Report author: Peter Grace
Publication date: 05/11/2019
Date of decision: 04/11/2019
Decided at meeting: 04/11/2019 - Cabinet
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