Issue - meetings

The Cabinet Member for Finance presented proposals to market the Council’s freehold interests in 1, 2, 3 and 7 The Triangle, Tanner Street, Barking.

The Cabinet Member advised that interest had been shown by the current occupier of 3 and 7 The Triangle to secure long term occupancy of the premises.  With that in mind and in view of the previous sale of other units in the parade, it was considered timely to dispose of the Council’s two other properties in that parade in order to encourage private development in the area and achieve a capital receipt on assets that had limited rental potential.

Cabinet resolved:

(i)  That the Council's freehold interest in 3 and 7 The Triangle be offered for sale to the existing tenants in the first instance and, if those negotiations prove unsuccessful, to the units being offered for sale on the open market at the expiry of the current leases;

(ii)  That the Council’s freehold interest in 1 and 2 The Triangle be offered for sale on the open market;

(iii)  To delegate authority to the Chief Executive, in consultation with the Cabinet Member for Finance, the Chief Finance Officer and the Head of Legal and Democratic Services, to negotiate and agree terms in respect of the proposed sale of 3 and 7 The Triangle to the Barking Muslim Social and Cultural Society within the agreed parameters; and

(iv)  To authorise the Head of Legal and Democratic Services, or an authorised delegate on her behalf, to execute all of the legal agreements, contracts and other documents on behalf of the Council.