Agenda item

It was noted that:

(a)  The ability to operate within commercial timescales had been very effective. Two major strategic asset purchases have already been completed, generating income in excess of £550,000 of per annum.

(b)  A mixed portfolio of potential strategic asset purchases has been identified and is being pursued.

(c)  An income target of £1.25m had been set for the financial year 2016/17.

(d)  The income generated from strategic asset purchases would generate an independent income stream that will alleviate pressure enforced by central government funding cuts.

The Cabinet received an update on the Strategic Asset Purchases made under the Strategic Acquisition Strategy which had been approved by Cabinet and Council in September 2015.  The Strategy provided up to £25m for the acquisition of strategic assets in line with the agreed criteria.

The Strategy had enabled the council to respond more quickly and commercially to opportunities and two acquisitions for three properties had been made so far under the scheme.  These investments were anticipated to generate income in excess of £550,000 per annum and the council was working towards achieving the income target of £1.25m in 2016/17.  Details of the assets purchased were included in the Part II Appendix to the report which was noted without disclosing any exempt information.

The Cabinet discussed the income target for the year and officers were confident it could be achieved with a number of other opportunities to acquire further assets in the pipeline.  Commissioners noted the report and suggested several other sites that the Strategic Acquisition Board could consider.

Resolved –  That it be noted that:

(a)  The ability to operate within commercial timescales had been very effective. Two major strategic asset purchases have already been completed, generating income in excess of £550,000 of per annum.

(b)  A mixed portfolio of potential strategic asset purchases has been identified and is being pursued.

(c)  An income target of £1.25m had been set for the financial year 2016/17.

(d)  The income generated from strategic asset purchases would generate an independent income stream that will alleviate pressure enforced by central government funding cuts.