Decision details

Cabinet considered a confidential report seeking its approval for a commercial property investment that would enable the Council to pursue its Business Plan objective of supporting businesses and delivering positive financial returns.

The Leader commended the efforts of those officers involved in identifying what she described as a substantial investment.

Following a short debate, Cabinet recommended to Full Council:

(a)       The investment of up to the sum referred to in the confidential report from the Interim Director of Finance, comprising property acquisition costs and refurbishment and letting costs in accordance with the approved Investment Strategy to acquire the property at Cambridge Science Park and to refurbish the building as a multi-let office investment;

(b)       The re-profiling of the Investment Strategy capital allocations to bring forward sufficient funds to enable the property at (a) above to be acquired in 2019-2020 and refurbishment to be commenced thereafter;

(c)       The use of the General Reserve, if required, for the potential revenue cost impacts of the acquisition prior to the realisation and inclusion of the net additional income from the portfolio investment (after allowing for borrowing costs and property portfolio management costs), in the revenue budget.