Decision details

Review of Property Holdings FR11(18/19)

Decision Maker: Cabinet Member for Finance and Resources

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

The County Council’s Future West Sussex Plan set outs its ambition to minimise the burden of local taxation, delivering the best outcomes for residents with the money it spends, whilst living within its means.  To do this the Council needs to find new and innovative ways of creating additional revenue to maintain and improve standards in the delivery of essential public services. 

 

The County Council aims to take a strategic approach to generate sustainable income streams and providing opportunity for capital growth by investing in commercial property.

 

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 Crawley, West Sussex.

Interests and Nature of Interests Declared:

None

Publication date: 12/10/2018

Date of decision: 12/10/2018

Effective from: 24/10/2018

Accompanying Documents: