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16 Commercial Property Investment PDF 540 KB
The public is likely to be excluded during any discussion on the
confidential appendix by virtue of paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972.
Minutes:
Matter for Decision: The Council’s commercial
property portfolio had consistently produced good rates of return compared to
Treasury Management investments over the past few years. This reflected recent
exceptionally low bank interest rates on cash investments and that the Cambridge
commercial property market had proved resilient. The Budget Setting Report for
2015/16 recommended the allocation of £8m for investment in commercial property
to generate additional income of £400,000 p.a. from 2016/17. For the reasons
set out in the report, it was recommended that the funding available be
invested directly in acquiring new property.
Decision of the Executive Councillor for
Finance and Resources
The Executive Councillor resolved that:
i.
The
Council allocates £8m for investment in acquiring commercial property, subject
to the 2015/16 Budget Setting Report being approved.
ii.
Authority
is delegated to the Head of Property Services to acquire commercial property up
to £8,515,000 (inclusive of acquisition costs) in consultation with the
Executive Councillor for Finance and Resources, the Chair and Opposition
Spokesperson for Strategy &
Resources Scrutiny Committee and the Head of Finance
Reasons for the Decision: As set out in
the officer’s report
Any alternative
options considered and rejected: As set out in the officer’s report
Scrutiny
Considerations:
The committee received a report from the Head of Property Services.
The Scrutiny Committee considered the recommendations and endorsed them by 5 votes to 0.
The Executive Councillor approved the recommendation.
Conflicts of Interest Declared by the Executive Councillor
(and any Dispensations Granted):
Not applicable.