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)

The Leader explained that unless the right financial information arrangements were forthcoming this acquisition would not go ahead.

RESOLVED:

1. Cabinet’s approval for Surrey County Council’s acquisition of a long leasehold interest as highlighted in the submitted report in accordance with the details outlined in that report be reaffirmed;
2. Cabinet’s approval for the funding and reimbursement arrangements for Surrey County Council in relation to the acquisition of the leasehold be reaffirmed; and
3. approval is delegated to agree appropriate contractual and financial arrangements to the Chief Property Officer, in consultation with the Leader, Director of Finance and the Director of Legal & Democratic Services, following the completion of all necessary due diligence and upon exchange of agreements to lease, subject to a minimum rental value threshold being exceeded.

Reasons for Decisions

The proposed acquisition of the leasehold supports economic prosperity, one of Surrey County Council’s corporate priorities.