Issue details

STRATEGIC ACQUISITION

On 27 April 2023 the Council’s Policy and Resources Committee considered a report relating to a Strategic Acquisition. The report contained exempt information as defined in paragraph 3 of Schedule 12A of the Local Government Act 1972.

It was considered in the public interest to exclude the press and public as the report and appendices contained ‘Information relating to the financial or business affairs of any particular person (including the authority holding the information)’ during the consideration by Committee of the report and its appendices. Policy and Resources Committee resolved [amongst other matters] to approve:

 

·  the acquisition of the Pyramids and Grange Shopping Centres from the Mars Pension Fund Trustees [a plan of which is set a in Appendix 1 to this report];

·  that the acquisition be financed by funding via the Public Works Loan Board;

·  that the Director of Law and Governance, in consultation with the Director of Regeneration and Place, be authorised to negotiate and finalise the associated legal documentation for the acquisition of the Pyramids and Grange Shopping Centres;

·  the appointment of Jones Lang LaSalle Property Limited (JLL) to fulfil day to day property and asset management functions for the two centres including asset management, rent collection, service charge administration, proactive and reactive repairs, security electrical testing and litter collection for a minimum period of 6 months from the date of acquisition; and

·  the appointment of Barker Proudlove Ltd and Emanual Oliver Ltd as letting agents for the shopping centre.

The Director of Law and Governance is content to proceed with the purchase within the terms of the authority to given to  them by Policy and Resources Committee.

 

Terms have been agreed to for the associated appointment of Jones Lang LaSalle Property Limited (JLL) to fulfil day to day property and asset management functions for the two centres and Barker Proudlove Limited and Emanuel Oliver Ltd to carry out letting agency functions.  Such appointment will enable there to be continuity given that JLL were already acting as the property manager for Mars Pension Fund on the property. The appointment of Barker Proudlove Limited and Emanuel Oliver Ltd provides continuity as this is the same arrangement that was entered into by Mars Pension Fund.  The appointment of JLL, Barker Proudlove Ltd and Emmanuel Oliver Ltd, each for a term of 12 months will enable the Council to establish a procurement process to enable firms to bid for such work on or about the anniversary of the purchase of the shopping centres.

 

Arrangements have been made for the Council’s responsibilities as landlord to be subject to the usual public liability insurance policy.

 

 

Decision type: Key

Reason Key: Expenditure impact > £500,000;

Decision status: Recommendations Approved

Notice of proposed decision first published: 16/05/2023

Anticipated restriction: Part exempt  -

Explanation of anticipated restriction:
exempt information as defined in Schedule 12A of the Local Government Act 1972. It is in the public interest to exclude the press and public under Paragraph 3 ‘Information relating to the financial or business affairs of any particular person’ (including the authority holding the information).

Lead director: Director of Law and Corporate Services (Monitoring Officer)

Contact: Matthew Neal, Principal Solicitor- Planning and Property Email: matthewneal@wirral.gov.uk.

Decisions