Decision details

Review of Property Holdings FR21 (18/19) Acquisition of freehold of a commercial property in Hove

Decision Maker: Cabinet Member for Finance and Resources

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

As part of its capital programme management, in line with the County Council’s West Sussex Asset Management Policy and Strategy, the Council continually reviews its property estate. This includes consideration of assets which are likely to become surplus to operational requirements, i.e. no longer needed. In addition, the Council acquires or develops assets to meet statutory and service requirements as well as the Council’s wider purposes, including investment or to promote social and economic development opportunities. From time to time these activities give rise to decisions to purchase, dispose of or to develop an asset.

Decision:

In February 2018 Full Council approved the Capital Programme for 2018/19 which included £50m for Investment Property Opportunities to deliver a revenue return as part of its overall Treasury Management Strategy to deliver the investment ambition agreed by Council. 

 

In line with the approach the Cabinet Member has endorsed the acquisition of the freehold of a property in Hove, East Sussex.

Interests and Nature of Interests Declared:

None

Publication date: 18/02/2019

Date of decision: 18/02/2019

Effective from: 28/02/2019

Accompanying Documents: