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 an office building in Guildford, together with a separate long lease interest in associated car spaces, to enable its participation in future regeneration opportunities.

It was RESOLVED that:

1.      The acquisition of the freehold interest in the property be approved on the basis set out in paragraph 1(i) of the report submitted.         

2.      Surrey County Council acquire the balance of the lease of car parking spaces (included as part of the consideration for the above) as set out in paragraph 1(ii) of the report submitted.

3.      Surrey County Council complete the agreed lease transactions to existing and proposed tenants, if any remain outstanding at the time of exchange, on the terms agreed.

4.      Property Services consider the long term opportunity afforded by the ownership of the property in connection with the economic regeneration of this area of Guildford and the County’s own future office accommodation strategy. Such a report and its recommendations to be considered at a future Cabinet when required.

Reason for decision

The property is a prime office building in a commercially active M25 town. The acquisition will provide the opportunity for the Council to participate in a wider town centre regeneration opportunity and in the meantime will produce income for the County Council.