Decision details

An opportunity has arisen for the Council to purchase a key site in the Barking Town Centre area.  The Cabinet will be presented with details of the proposed terms for purchase and the future plans / options for the site.

The Cabinet Member for Finance, Performance and Core Services presented a report on the proposed purchase of a strategically important site in the Barking Town Centre area, as part of the Council’s Investment and Acquisition Strategy.

The Cabinet Member referred to financial arrangements associated with the proposed purchase and the projected investment yield based on a maximum purchase price, which took into account the rental income from the secure tenant and costs of borrowing.  The Cabinet Member again confirmed that the detailed proposals and financial assessment had successfully passed through the Be First project gateway process as well as scrutiny by the Council’s Investment Panel.

Cabinet resolved to:

(i)  Agree to the purchase of the site, as shown edged red in Appendix 1 to the report, on the terms set out in section 2 of the report; and

(ii)  Delegate authority to the Chief Operating Officer, in consultation with the Cabinet Member for Finance, Performance and Core Services and the Director of Law and Governance, to enter into necessary agreement(s) to purchase the site subject to satisfactory due diligence and an independent valuation.