Issue - meetings

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 existing tenants and costs of borrowing. 

Cabinet resolved to:

(i)  Agree the purchase of the headlease of the asset, 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 asset subject to satisfactory due diligence and an independent valuation.