Investment and Regeneration Opportunity
Additional documents:
Minutes:
Purpose of Report
To approve the purchase of a commercial investment.
Decision
That the recommendations contained within the report be approved.
Alternative Options Considered and Rejected
Alternative options considered and rejected were set out in the body of the report.
Reason for Decision
The principle reason for commercial property investment was to secure the economic wellbeing of the city. Acquisition of land or property assets was a direct way of influencing regeneration and the economic development of the area.
The Asset Rationalisation Strategy that supported the Towards Financial Sustainability Programme set out the criteria for property investment by the Council.
It was considered that the proposed development, as set out within the report, was a very attractive investment due to it being situated in a prime location.