Phase 2A Belgrade Plaza, Upper Wells Street, Coventry – Investment Acquisitions
Report of the Deputy Chief Executive (Place)
(Listing officer: P Beesley, Tel: 024 7697 6746)
Further to Minute 102 above, the Cabinet considered a private report of the Deputy Chief Executive (Place), setting out the commercially confidential matters relating to the proposed acquisition of Phase 2 Belgrade Plaza, Upper Wells Street, Coventry, as a commercial investment property.
RESOLVED that, the Cabinet recommend that Council:
1. Approve the use of its powers under Section 12 of the Local Government Act 2003 and Section 1 of the Localism Act 2011 to acquire the leasehold interest in Phase 2A Belgrade Plaza, subject to the seven occupational tenancies, for a maximum expenditure sum identified within the report.
2. Delegate authority to the Deputy Chief Executive (Place), following consultation with the Director of Finance and Corporate Services and the City Solicitor, to undertake the necessary due diligence, negotiate and finalise the terms of the acquisition of the properties and to complete all necessary legal documentation to facilitate the completion of the transaction.
3. Delegate authority to the Deputy Chief Executive (Place), following consultation with the Cabinet Member for Jobs and Regeneration and Cabinet Member for Strategic Finance and Resources, for any subsequent variation in terms.
4. To approve the necessary adjustment to the Capital Programme to reflect the capital expenditure, to the sum indicated within the report, incurred in the acquisition of Phase 2A Belgrade Plaza.