To approve the strategic purchase of a site in the central ward within a defined budget (set out in appendix1) and to authorise officers, following appropriate consultation and due diligence, to proceed with the acquisition.

The proposed purchase will be a strategic acquisition which would support the council's policies in respect of economic growth and enable the council to plan for any future demand or development opportunity that may arise in line with the cabinet's county plan objectives.

That:

(a)   the purchase of the freehold premises in the central ward, as detailed in appendix 1 is approved; subject to the chief finance officer being satisfied that appropriate heads of terms have been agreed, due diligence has been completed and the purchase provides value for money,

(b)   the director economy and place, in consultation with the cabinet member commissioning, procurement and assets, be authorised to complete the acquisition; and

(c)   the director economy and place be authorised to take all operational decisions necessary to appoint a fully managed management company.

1.         Not to proceed with the acquisition. This is not the recommended option, because if the council does not acquire the site it is highly likely that it will be acquired by a private developer, unlikely to align with the long term economic objectives of the council and other stakeholders.