Meeting documents

BCC Cabinet
Friday, 17th November, 2017 9.00 am

Venue: Mezzanine Room 3, County Hall, Aylesbury

Contact: Nichola Beagle 

Items
No. Item

1.

Apologies for Absence

Minutes:

Apologies were received from;

 

Mr W Whyte

Mr A Appleyard

Mr N Brown

2.

Declarations of Interest

Minutes:

None.

3.

Exclusion of the Press and Public

To resolve to exclude the press and public as the following item is exempt by virtue of Paragraph 3 of Part 1 of Schedule 12a of the Local Government Act 1972 because it contains information relating to the financial or business affairs of any particular person (including the authority holding that information)

Minutes:

RESOLVED

 

That the press and public be excluded for the following item which is exempt by virtue of Paragraph 3 of Part 1 of Schedule 12a of the Local Government Act 1972 because it contains information relating to the financial or business affairs of any particular person (including the authority holding that information)

4.

Acquisition of Investment Property pdf icon PDF 289 KB

This item is being taken under the Special Urgency rule which means it has not had the required notice on the forward plan. This is due to the need to proceed quickly because of current market conditions.

 

Closed session item as commercially sensitive. Cabinet to note the report

Additional documents:

Minutes:

Cabinet discussed the report in confidential session. Key points were highlighted as follows:

 

  • Due diligence was proceeding, with no concerns having been raised thus far
  • The location of the property although outside of the County boundary was in close proximity to Buckinghamshire. The property was also in a prime commercial office location, being close to both the M40 and Cross Rail. These combined attributes made this a sensible synergistic acquisition for the County, subject to due diligence.
  • The acquisition would diversify the County Council’s overall portfolio.

 

 

Recommendation

That Cabinet:

1. Approve further formal due diligence and negotiations with the vendor’s investment agent;

2. Authorise the Cabinet Member for Resources and Director of Finance and Assets to conclude the purchase of the Property following a successful outcome from the process of due diligence and negotiations.

3. Allow the Council to enter into agreements to facilitate completion of the purchase.

 

Cabinet AGREED to the above recommendation, subject to completion of due diligence.

 

 

5.

Date of the Next Meeting

11 December 2017.

Minutes:

11 December 2017.