Decision details


Decision Maker: City Mayor (Individual Decision)

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: No


To acquire the freehold interest of a property in the City centre for investment purposes.


1.         To acquire the freehold interest of a property in the City centre. The details of the property to be purchased will be published in a report following successful completion of the transaction.


2.         To add to the capital programme funding to support this purchase. To be funded from the money set aside for investment purposes and the strategic acquisitions policy provision. The amount of additional funding will be confirmed upon completion of the transaction.


3.         The report is marked “Not for Publication” because it contains exempt information as defined in Paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972 as amended: i.e. “Information relating to the financial or business affairs of any particular person (including the Authority holding that information)”.  The report will be published post completion.


The purchase has been subject to a 30-day exclusivity period with a requirement to exchange immediately thereafter, there has not been opportunity to consult as a result. Further it would be prejudicial to the Council’s interests if this were to be considered publicly prior to decision or before the purchase concluding, given the exclusive nature of the opportunity and the fact the property has not been marketed at this stage.  Under the provisions contained in procedure Rule 12d of Part 4d of the  Council’s  Constitution the City Mayor has indicated that no call-in of this matter made be made. The Chair of the Overview Select Committee has been informed of this prior to publication.


NOTE:           This decision related to the purchase of the Haymarket Centre, Leicester for £9.96m and the report has now been published below.   


Reasons for the decision:

To purchase this property for investment purposes.

Alternative options:


Publication date: 09/11/2021

Date of decision: 17/11/2021

Accompanying Documents: