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
Decision:
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
N/A
Contact: Graham Ebers Email: graham.ebers@wokingham.gov.uk Tel: 0118 974 6557.
Publication date: 13/02/2020
Date of decision: 25/11/2019