Decision details

The power of the Chief Executive to make decisions by virtue of special urgency, as provided in the Constitution, Scheme of Delegation to the Chief Executive, part (A) is being exercised.

The Chief Executive authorises the Strategic Property Lead to place bids at auction up to the value of £810,000, excluding fees and Stamp Duty Land Tax to purchase the property known as 113 High Street / 3 The Avenues, Newmarket.

That the purchase of the property should be funded from the Investing in Growth Agenda Fund.

The reporting of the use of the Chief Executive’s Urgency Powers has been provided to Council on 25 April 2018.

The Cabinet fully endorses the exercising of the Chief Executive’s urgency powers for negotiating at auction, the purchase of a property in Newmarket, as it offers an opportunity for the Council to increase the number of temporary accommodation units available as well as providing a rental income to the Council. It also supports the West Suffolk Strategic Framework 2018-2020 and the Overarching West Suffolk Growth Investment Strategy in that it provides an opportunity of blended return to provide much needed housing, future revenue and capital income as well as supporting business with retail accommodation.

The Council could choose not to take part in the auction.  However, there are limited opportunities for this type of property  becoming available to use for temporary accommodation.