Decision details

The Cabinet will be asked to approve the acquisition of a circa 4 acre industrial site in the strategically important River Road area, together with options for interim income generation and longer term arrangements.

Cabinet resolved to:

(i)  Approve the acquisition of the site at 44-52 River Road, as shown edged red in the plan at Appendix 1 to the report, via borrowing within the General Fund on the terms set out in Appendix 2 to the report;

(ii)  Delegate authority to the Chief Operating Officer, in consultation with the Cabinet Member for Finance, Performance and Core Services, the Cabinet Member for Regeneration and Social Housing and the Director of Law and Governance, to agree the final terms for completion and retain the asset as an investment on the completion of all due diligence; and

(iii)  Authorise the Director of Law and Governance to enter into all necessary agreements, contracts and other documents to complete the freehold purchase.