Decision details

Cabinet received a report on the acquisition of a town centre property and the approval of purchase, fees and procurement of managers.

Proposed by Councillor Dan Swords (seconded by Councillor James Leppard) it was:

   RESOLVED that Cabinet recommended to Full Council that:

A     The acquisition of the property referred to in the report be approved for not more than the maximum amount shown in section 6 of the report on an unconditional basis to facilitate the Council’s regeneration strategy for Harlow town centre.

B     The procurement of legal, property, surveyor, valuation and specialist advisers to support full due diligence on the acquisition, and the associated fees payable as set out in the report, be approved.

C     The procurement, via the Crown Commercial Services framework, of Savills (as Property Manager) and Montagu Evans (as Asset Manager) be approved,

conditional upon the acquisition of the property, for an initial period of two years. The costs associated with the management services have been factored into the financial appraisal.

D     Authority is delegated to the Chief Executive to complete the purchase of the

property.

E     The financing for the purchase and associated costs as set out in the report is approved and that the Capital Programme, Capital Strategy and associated documents are amended to reflect this capital acquisition.

F     Authority is delegated to the Deputy Chief Executive and Director of Finance to make the final arrangements for the borrowing associated with the purchase.