Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
The purpose of this report was to consider the acquisition of the freehold interest of Sand Martin House as detailed in the report and exempt appendix.
Cabinet further RESOLVED to:
1. Approve the acquisition of the freehold interest of Sand Martin House on the terms set out in Appendix 2 subject to Full Council approval of the amended budget on 22 May 2023; and
2. To delegate authority to the Executive Director of Corporate Services and Director of Law and Governance, in consultation with the Cabinet Member for Finance and Corporate Governance to take all necessary steps including agreeing final terms and entering into all necessary agreements to facilitate the decision in Recommendation 1.
Following the acquisition of the freehold interest of the site, the Council would have the ability to make financial savings in the short, medium, and long term and would have full control of the use of the building.
The Council could choose not to proceed with the purchase of the freehold interest in Sand Martin House. In this scenario, the lease would continue for the remaining 20-year term which was subject to five yearly upward only RPI rent reviews with no break options. In addition, the council would be limited to future options for the site and additional operational costs. This was therefore not recommended.
There are none applicable.
Publication date: 18/04/2023
Date of decision: 18/04/2023
Decided at meeting: 18/04/2023 - Cabinet
Effective from: 22/04/2023