Issue - meetings

(Paragraph 3 – information relating to financial/business affairs of particular person)

Purpose: To seek approval for a maximum bid price for the acquisition of the above property

The Executive considered a report (Agenda Item 4) concerning approval to increase the maximum bid price for the acquisition of Chippenham 79, Bath Road, Wiltshire SN14 0AT.

Richard Turner explained that following discussions with the vendor’s agent it had been indicated that the Council would need to increase the maximum bid price for this property in order to remain competitive in securing this property. However, the key issue for consideration was around the ungeared Internal Rate of Return (IRR) figure and whether that would be outside the principles of the Property Investment Strategy. The Strategy included the following core principle ‘Asset level internal rate of return (IRR) averaging not less than 5.0%pa over an assumed 5 year hold period’. It had therefore been necessary to refer the decision to the Executive as a matter of urgency as final bids needed to be submitted by 4pm on 21^st June 2018.

RESOLVED that the recommendations in the exempt report be agreed.

Reason for the decision: as outlined in the exempt report.

Other options considered: as outlined in the exempt report.