Decision Maker: Chief Executive
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
Purchase of the leasehold for NCP in Ashford
Town Centre. This was considered as an investment in it's own right
with a good yield and as marriage value to that already owned in
Park Mall for later development.
This was considered by ERIB in early 2020 but then halted just
before completion in March 2020 due to Covid19 and the unknown
financial impacts to come.
The availability to purchase arose again in November 2020 with
short timescales to consider.
The decision was made by all Members of ERIB
to purchase the NCP lease, off market, at 2.85M. Due to the tight
timescales the CEO used her emergency powers in order to complete
the purchase with a report to full Council
Option 1 - Purchase the NCP lease, off market,
at 2.85M with 2 weeks completion
Option 2 - Allow the investment to go to Auction in December 2020
and bid on the open market.
Option 3 - Not purchase the investment.
Contact: Paul McKenner, Head of Strategic Projects Email: paul.mckenner@ashford.gov.uk Email: paul.mckenner@ashford.gov.uk Tel: 01233 330419.
Publication date: 07/12/2020
Date of decision: 23/11/2020