Decision details

To approve the strategy for property investment.

Resolved to RECOMMEND:  (to Council) 

That

(1)          an addition to the Capital Programme of £20m in order to proceed with the acquisition of the investment property portfolio be approved;

(2)          the treasury management Counterparty Policy be amended in respect of investment in a property portfolio from an upper limit of £10m to £20m.

RESOLVED:  That

(1)          the Investment Property Strategy, as set out in in Appendix I to the report, be approved;

(2)          the Corporate Director of Resources and Commercial be authorised to establish the most appropriate method of holding the proposed portfolio;

(3)          the Corporate Director of Community and the Director of Finance, following consultation with the Portfolio Holders for Finance and Major Contracts and Business, Planning and Regeneration,  be authorised to acquire an investment property portfolio at a total cost not exceeding £20m with no single purchase to exceed £5m;

(4)          the Corporate Director of Resources and Commercial be authorised to enter into an Inter Authority Agreement with Luton Borough Council for the provision of property investment advisory services.

Reason for Decision:  To progress the Council’s Investment Property Strategy in accordance with the requirements of the “Commercialisation Strategy 2015?2018.”

Alternative Options Considered and Rejected:  As set out in the report.

Conflict of Interest relating to the matter declared by Cabinet Member/Dispensation Granted:  None.

[Call-in does not apply to decisions that are reserved to Council.]

Consultation: None