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Issue - meetings
Commercial Property Purchase
Meeting: 17/07/2017 - Cabinet (Item 22)
Commercial Property Purchase
(Cabinet Decision)
Minutes:
The Assistant Director, Financial Services and Revenues, presented a report for Cabinet to consider the potential purchase of a retail park in Hastings.
Councillor Chowney proposed approval of the recommendations to the Assistant Director, Financial Services and Revenues, report which was seconded by Councillor Poole.
RESOLVED (by 5 votes for, to 1 against with 0 abstentions) that:
1. Cabinet agree to purchase the property, subject to the satisfactory completion of due diligence work
2. Delegated authority is given to the Chief Finance Officer, in consultation with the Leader of the Council, to purchase the property at the best possible price up to the figure set out in the report (plus stamp duty, land tax, registration fees, and agents fees plus associated costs). The expected yield on the investment was set out in the report.
The reason for this decision was:
The retail park has a number of well- known national retailers. It remains important to Hastings that sufficient affordable retail space to be retained in the town to ensure there are attractive locations for companies to base themselves. The premises are currently fully occupied but the leases in place have relatively short durations remaining, negotiations are being undertaken, at the request of the major occupier, to increase the lease period. This would reduce some of the risk to the council.
The council needs to ensure that key areas remain 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.
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