Issue - meetings

To agree, in principle, the acquisition of a substantial investment property located in central Clacton-on-Sea.

That Cabinet approves, in principle, the acquisition of a substantial investment property in central Clacton-on-Sea, subject to Cabinet’s decisions to be taken later in the meeting in relation to item B.1 of the Report of the Portfolio Holder for Resources and Corporate Services.

There was submitted a report by the Portfolio Holder for Resources and Corporate Services (Report A.10), which sought Cabinet’s agreement, in principle, to the acquisition of a substantial investment property located in central Clacton-on-Sea.

Cabinet was aware that in September 2016 it had established a policy for acquisition of commercial property.

It was reported that that one suitable property had been identified but the acquisition had been abandoned because of conflicting insurance and occupancy issues. The Council had since been offered the opportunity to purchase the freehold of a substantial investment property in central Clacton-on-Sea and it was felt that the rental from that property could make a substantial contribution to addressing the Council’s financial pressures.

The location of the property concerned and the terms negotiated were set out in item B.1 of the Report of the Portfolio Holder for Resources and Corporate Services.

Having considered the information submitted and the advice of Officers contained within the report:

It was moved by Councillor G V Guglielmi, seconded by Councillor Stock and:

RESOLVED that Cabinet approves, in principle, the acquisition of a substantial investment property in central Clacton-on-Sea, subject to Cabinet’s decisions to be taken later in the meeting in relation to item B.1 of the Report of the Portfolio Holder for Resources and Corporate Services.