Decision details

Release of Funds for an Extension to a Unit in Attleborough

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: Yes

Purpose:

The report detailed an application to release funds to extend an existing factory in Attleborough as an investment opportunity with a guaranteed rental income on the extension to give the Council a 10% return on capital invested.

Decisions:

The report detailed an application to release funds to extend an existing factory in Attleborough as an investment opportunity with a guaranteed rental income on the extension to give the Council a 10% return on capital invested.

 

In response to queries regarding the income from the lease the Commercial Property Manager informed Members that a new lease would be drawn-up which would incorporate both the lease on the existing building at open market value and the extension at 10% return over a 10 year period.

 

Two options were made available to Members.  The first was to release the funding indicated in the report plus VAT for the extension to take place to enable a local company to expand and to remain in Council owned premises within Breckland plus achieve a 10% return on capital invested.  The second was not to release the funds and prohibit a local company from expanding and staying within the Breckland District.

 

The reason for the recommendation was that releasing the funds would enhance the Commercial Property Portfolio to enable a local company to expand and to achieve a 10% return on capital invested.

 

RECOMMEND that Council release the funding indicated in the report plus VAT to extend an existing unit in Attleborough as an investment opportunity for the Council and to enable an existing company to expand and remain within the Breckland District.

Report author: Trisha Bailey

Publication date: 07/09/2007

Date of decision: 04/09/2007

Decided at meeting: 04/09/2007 - Cabinet

Effective from: 14/09/2007

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