Issue - meetings

The Leader reminded the all those present of the importance of maintaining confidentiality for both this item and the subsequent one (Minute 43 refers).

The Deputy Leader of the Council and Cabinet Member for Finance, Education, and Skills, the Director of Finance and the Head of Property Assets submitted a joint report seeking authority to acquire the freehold interest in a property in Stratton, Swindon. The report set out how the proposed acquisition of the freehold of this property was subject to the existing occupational leases by the Council and would secure a good income stream in line with its commercial investment strategy. The report was submitted as a matter of special urgency with the consent of the Chair of Scrutiny, in accordance with Paragraph 17, Access to Information Procedure Rules, Part 4 of the Constitution.

Councillor Holland introduced the joint report and requested that Cabinet accept the updated information that was attached as addendum. Members concurred with this.

Councillor Wright asked a series of questions about how this proposal related to the Commercial Investment Strategy criteria and the business model that would apply if the acquisition took place. The Deputy Leader and the Head of Property Assets responded at the meeting.

Resolved –

1)   That the Chief Legal Officer be authorised, in consultation with the Head of Property Assets, to complete the acquisition of the freehold interest in the property identified at paragraph 3.1 of this Report on the terms outlined in paragraph 3.8 of this Report, and on such other detailed terms and conditions as she may agree in order to protect the Council’s interest.

The reasons for the decision and alternative options are as set out in the report to the meeting.