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 considered the acquisition of the freehold interest of retail and office premises in High Street, Egham for potential future service delivery and economic regeneration.

It was RESOLVED that:

1.      The freehold interest of the property be acquired for the price set out in paragraph 1(i) of the report submitted upon conclusion of legal and property due diligence.

2.      Surrey County Council, simultaneous to the purchase, grant a lease on the basis and terms set out in paragraph 1(ii) of the report submitted.

3.      Property Services review the opportunity for the reuse of the property or redevelopment of the upper floor offices, and upon the formulation of a business case, report back to Cabinet on the options considered and make further recommendations.        

Reason for decision

To purchase the property and explore the long term potential to relocate services into the property, thus releasing an asset held on a long lease with alternative use value.