34 Proposed Purchase of Maritime House Office Building, Linton Road, Barking PDF 104 KB
Appendices 1, 3, 4 and 5 to the report are exempt from publication as they contain commercially confidential information (exempt under paragraph 3, Part 1, Schedule 12A of the Local Government Act 1972 (as amended)).
Additional documents:
Minutes:
The Cabinet received a report on the opportunity for the Council to purchase Maritime House, a 10-storey office block in the heart of Barking Town Centre, as an income-generating freehold investment with potential medium / longer term regeneration opportunities in light of the Council’s other landholdings in the immediate area.
The Cabinet Member for Regeneration and Economic Development advised that Maritime House currently benefited from a good level of occupancy, almost exclusively by public sector organisations, and an independent valuation and the Council / Be First’s own due diligence supported the acquisition on the terms proposed in the report, which amounted to a total cost of £22.55m.
Cabinet resolved to:
(i) Approve the purchase of the Maritime House site, Linton Road, Barking, as shown edged red in the plan at Appendix 2 to the report, in accordance with the draft Heads of Terms set out in Appendix 3 to the report;
(ii) Authorise the Strategic Director, Finance & Investment, in consultation with the Chief Legal Officer, to enter into all necessary legal documents to finalise the transaction in accordance with the draft Heads of Terms.