49 Acquisition of 458 Bury New Road, Prestwich - Part A PDF 87 KB
A report from Councillor Eamon O’Brien, Cabinet Member for Finance and Housing will report at the meeting. Report attached.
Minutes:
Councillor David Jones, Leader of the Council submitted a report setting out details of plans to purchase the freehold of a commercial property in Prestwich. The property is located on the site where the Council is planning to develop the new Prestwich Village scheme. The opportunity to acquire a key piece of real estate would greatly assist the speed and practicality of delivering the Prestwich scheme.
It is proposed to utilise the fund established to create an ‘Investment Property Acquisition Fund’.
Delegated decision:
Cabinet agrees to:
Reason for the decision:
The risks associated with the investment have been fully considered as part of the due diligence process. This has been carried out by external property advisors. The scope, details and conclusions of this work are set out in Part B of this report.