Decision details

Purchase of a commercial investment property including town centre car park based on independent professional advice for the purpose of generating positive income return and capital growth.

Decision Maker: Deputy Chief Executive - Graham Ebers

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No


Bid up to a max price as explained with intention of securing (but not guaranteeing) purchase of the property:

14-28 Denmark Street and Car Park, Wokingham RG40 2BQ

Maximum Price: £8.00m (plus associated transaction costs and post purchase cap-ex).

Reasons for the decision:

Delivery of the Council's Property Investment Strategy and to take control of the Denmark Street car park which has been closed for 3 months by the current owner pending determination of a planning application for residential development of the car park.

Alternative options considered:

Do not purchase, do not spend money, do not secure financial and community benefits, do not take control of car park, do not re-open car park.

Reduce purchase price/terms and expect seller to offer elsewhere on better terms in competitive marketplace.

Wards Affected: Wescott;

Dispensations: N/A

Other reasons / organisations consulted


Contact: Graham Ebers Email: Tel: 0118 974 6557.

Publication date: 13/02/2020

Date of decision: 25/11/2019