Executive and Officer Decisions

The purchase of this large portfolio of properties will boost the Council’s efforts to deliver the manifesto commitment of 1,500 new affordable homes by March 2023.

To purchase a substantial portfolio of properties that will increase the Housing Revenue Account (HRA) stock by 371 units of accommodation, funded by the Housing Revenue Account capital programme allocation for Affordable Housing acquisitions.

Please Note:  This decision was Called-In under Rule 12 of Part 4D of the Council’s Constitution.  The Call-In was considered by the Overview Select Committee at its meeting on 16 December 2021 where it was withdrawn by resolution of the Committee in accordance with Rule 12 (g) of Part 4D of the Council’s Constitution.  The original decision taken on 22 November 2021 is, therefore, deemed to be revived in its entirety.

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         The report is marked “Not for Publication” because it contains exempt information as defined in Paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972 as amended: i.e. “Information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.