Decision

RESOLVED that the Leader of the Council:

A     Noted the previous decisions to approve the acquisition of Terminus House and the exercise of the delegated authority approved by Full Council on 5 June 2025 and Portfolio Holder Decision dated 15 August 2025.

B     Noted that approval by Full Council of the related funding options was given as part of the 2026/27 Budget in the Capital Strategy and Treasury Management Strategy (following consultation with the Executive Director for Communities and Regeneration, the Section 151 Officer and the Monitoring Officer) including for:

i)      short-term inter-authority borrowing and internal borrowing to facilitate completion; and

ii)     PWLB borrowing of circa £24m to refinance the acquisition in accordance with the Council's Treasury Management Strategy.

C     Notes that all requirements set out in the Cabinet and Full Council reports have been fulfilled including the exercising of all delegations given to complete the purchase.

D     Authorises the completion of the purchase of Terminus House.

Reasons for the decision

Contracts for the purchase of the freehold interest in Terminus House were exchanged in August 2025 in accordance with the Council, Cabinet and Portfolio Decisions from June and August 2025 referenced above. Completion of the purchase will take place on or shortly after 3rd August 2026.

Options to finance the completion of the purchase have been considered and it has been determined that the best source of funding available to the council is PWLB borrowing.  This is one of the options set out for consideration in the Portfolio Holder Decision report dated 15th August 2025.

Alternative options considered

No alternative options exist as all requirements set by Cabinet and Council have been fulfilled.