Issue - meetings

That the opportunity presented be taken and the acquisition of this key property within the town (as set out in the Part 2 report) be agreed, subject to the outcome of the due diligence process.

The Executive considered a report relating to a commercial opportunity to acquire a Wokingham Town Centre property.

The Executive Member for Business and Economic Development and Regeneration advised the meeting that the proposal was a great opportunity to acquire a property which was situated right in the middle of the town centre next to the Council’s existing sites  This would enable economies of scale in terms of the ongoing management of the sit; whilst generating a healthy revenue stream to fund vital services.

Councillor McGhee-Sumner wanted to ensure that an independent valuation would be sought from valuers not used previously to ensure that the Council was not overpaying for the asset. 

RESOLVED:  That the opportunity presented be taken and the acquisition of this key property within the town (as set out in the Part 2 report) be agreed, subject to the outcome of the due diligence process.