Decision details

To approve recommendations for purchase and sale of assets and terms of leases

(over £1m – Cabinet decision, under £1m – Cabinet Member decision,

in consultation with the Leader)

Part 2

The Cabinet Member for Business Services and Resident Experience confirmed that the County Council was seeking to acquire a freehold interest in this property but that there was no guarantee of its success.

She also confirmed that the Local Member had been consulted on this proposed acquisition.

RESOLVED:

1.       That Surrey County Council seek to acquire the freehold interest in the combined property for a consideration of up to figure as stated in the submitted report, including the ancillary purchase costs of 5.8% and that the level of an appropriate bid be delegated to the Chief Property Officer, in consultation with the Leader of the Council.

2.       That Surrey County Council notes that a public sector partner is interested in taking up to a 25% share of the purchase.  If the partner confirm their participation, authority to put in place appropriate arrangements for the joint ownership of the property, including a joint venture company if this is the most appropriate mechanism be delegated to the Chief Property Officer, supported by the Director of Finance and the Director of Legal & Democratic Services, in consultation with the Leader of the Council.

Reason for Decisions:

The acquisition will provide the opportunity for the Council to actively participate in a wider town centre regeneration and in the meantime, the property will provide an investment opportunity to produce a significant annual income for the County Council and their public sector partner.