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 office premises in Woking for potential future service delivery improvements and economic regeneration purposes. The report had been circulated in Part 2 of the agenda as it contained information exempt from Access to Information requirements by virtue of paragraph 3 – information relating to the financial or business affairs of any particular person.

RESOLVED that:

1.         The acquisition of the freehold interest of the identified office premises in Woking for potential future service needs or regeneration purposes be approved in principle.

2.         The final approval for the acquisition of the property be delegated to the Strategic Director for Change & Efficiency, in consultation with the Leader, Cabinet Member for Assets and Regeneration and the Chief Finance Officer, upon provision of a high level feasibility study demonstrating either:

a.    The acquisition and holding costs over a two year period are met or exceeded by the income potential and any capital receipts on sale, or

b.    The acquisition and holding costs over any project life span are met or exceeded by the income potential and any capital receipts on sale.

3.         The freehold interest of the property be purchased for a maximum acquisition cost not exceeding the sum stated in the recommendation of the Part 2 report submitted.

Reason for decision

To acquire the property for potential future service needs or regeneration purposes.