Decision details

Strategic regeneration asset acquisition opportunity

Decision Maker: Chief Executive

Decision status: For Determination

Is Key decision?: No

Is subject to call in?: No

Decision:

To approve a budget of £195,500 to fund detailed due diligence work on the acquisition of a key strategic Poole Town Centre asset and consider uses that support the strategic regeneration ambitions of BCP Council.

 

Reasons for the decision:

BCP Council has currently expressed a non-binding and indicative interest in acquiring a key strategic Poole Town Centre asset Barclays House, Wimborne Road, Poole. The vendor has agreed to enter into a limited period of exclusivity to enable the Council to undertake its due diligence.

Barclays recently announced their relocation from the property to The Helm, Lansdowne, Bournemouth, as result, the Poole asset is surplus to requirement.

The asset consists of three separate land parcels, Barclays House, an eight storey 1970s office block, a 6 storey 1,100 space Multi Storey Car Park (MSCP) and archive store and a surface level car park.

A site plan and aerial photo is included in Appendix A.

The purpose of the due diligence is to provide a sufficient level of assurance to enable the Council to consider if the acquisition could accommodate a variety of uses that would support the strategic regeneration of this area and determine if this proposal is financially viable. The due diligence would enable the Council to propose a final offer, subject to the necessary approvals.

A significant level of technical due diligence is required to determine the condition of the asset and provide cost estimates for any repairs and internal refurbishment.

If acquired, this asset could accommodate a variety of functions to kick start the regeneration of this part of Poole including temporarily providing additional public parking capacity. In the longer term the assets could be redeveloped to support the delivery of the Council’s ambition to progress the regeneration of the Poole, in line with the strategic aims of the Council’s “Big Plan”.

Publication date: 24/06/2022

Date of decision: 09/06/2022

Accompanying Documents: