Decision Maker: Corporate Director of Strategic Resources
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
To approve, under specific delegated powers
from the Executive on 15 August 2017, the purchase of a freehold
bank unit and lease in Stafford Town Centre, Staffordshire for
*PLEASE NOTE This decision was originally
published on or near the date of the decision and so call in no
longer applies. It has been re-published as part of the change in
committee management system that we use.*
On 15th August 2017 the Executive agreed to consider and recommend detailed business cases for alternative investments. Delegated authority was granted to the Corporate Director, Strategic Resources (on behalf of the Commercial Investment Board) for individual investments to a limit of £1m per investment and up to a total of £5m in any one financial year. This was in recognition that the current financial environment and low bank base rate means that the Council is getting incredibly low returns on traditional investments. It was recognised in that the report that direct investment in commercial property provides the greatest opportunity of improving investment returns, whilst accepting that this potential comes with greater risks.
Therefore Council’s Investment Board have been actively reviewing potential property acquisitions where it would provide the most appropriate levels of returns for the Council’s investment. The opportunity to purchase the freehold bank unit and lease in Stafford Town Centre for a price of £850k with a bank as a tenant is considered to be a suitable investment for the Council. Further details of the investment can be found in the attached report.
In accordance with the strategy for
alternative investments approved by the Executive on 15th August
2017, a number of sites and other investments have been and will
continue to be considered.
Publication date: 28/04/2021
Date of decision: 05/04/2018