Binley Court, Brindle Avenue, Coventry - Investment Acquisition
Report of the Deputy Chief Executive (Place)
(Listing Officer: P Beesley, Tel: 024 7683 1377)
Minutes:
Further to Minute 83 above, the Cabinet considered a private report of the Deputy Chief Executive (Place) setting out the commercially confidential matters relating to the freehold acquisition of an income producing office investment, comprising a purpose built, two storey, 31,000 sqft, courtyard style office building with secured onsite car parking, known as Binley Court.
RESOLVED that the Cabinet requests that the Council:
1) Approves the terms for the acquisition of the freehold interest in Binley Court (identified edged red on the plan in the Appendix attached to the report) subject to the current tenancies for the sum indicated.
2) Delegates authority to the Deputy Chief Executive (Place), advised by and following consultation with the Director of Finance and Corporate Resources and the City Solicitor, to complete the necessary legal documentation.
3) Delegates authority to the Deputy Chief Executive (Place), following consultation with the Cabinet Member for Jobs and Regeneration, for any subsequent variation in terms.
4) Approves the adjustment of the capital programme to reflect the proposed capital expenditure incurred in the acquisition of the freehold interest in Binley Court.