Decision details

The purchase of a commercial investment property 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

Decision:

Bid up to a max price with intention of securing (but not guaranteeing) purchase of the property:
17-25 London Rd Twyford RG10 9EH (including Tesco Express)
Maximum Price: £2.10m
(plus associated transaction costs).

Reasons for the decision:

To add to the Council’s control of a key long term regeneration site in the heart of Twyford town centre adjoining the Council’s ownership of Waitrose and to deliver the Councils property investment policy.

Alternative options considered:

Do not purchase, do not spend money, do not secure revenue and community benefits, do not enhance regeneration options.
Reduce purchase price/terms and expect seller to sell elsewhere on better terms in competitive marketplace.

Wards Affected: Twyford;

Dispensations: N/A

Other reasons / organisations consulted

None

Contact: Graham Ebers Email: graham.ebers@wokingham.gov.uk Tel: 0118 974 6557.

Publication date: 09/09/2020

Date of decision: 23/06/2020