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Decision details
Potential Commercial Property Purchase
Decision Maker: Cabinet
Decision status: For Determination
Is Key decision?: Yes
Is subject to call in?: No
Purpose:
To consider the potential purchase of a commercial property within Hastings.
Decisions:
The Assistant Director, Financial Services and Revenues, presented a report to consider the potential purchase of a commercial property within Hastings.
The Assistant Director informed the Committee that the Council had previously been unsuccessful in acquiring this property. However, the successful bidder has pulled out and it has been offered to the Council again.
Councillor Chowney proposed approval of the recommendation of the Assistant Director’s report, seconded by Councillor Patmore.
RESOLVED (unanimously) that:
Delegated authority is given to the Chief Finance Officer, in consultation with the leader of the Council, to acquire the property as per report.
Reason for the decision
The industrial unit is within one of the key industrial estates within Hastings and remains a prime location as such 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.
The property provides the Council with the opportunity to diversify its property holdings and change the overall risk exposure within the portfolio. The Council would secure an additional income stream, but must be prepared to invest further in this building in the future.
(The Chair declared the meeting closed at 5:45pm)
Report author: Karen Williams
Publication date: 19/12/2019
Date of decision: 18/12/2019
Decided at meeting: 18/12/2019 - Cabinet
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