Decision details

The appointment of Cushman & Wakefield Debenham Tie Leung Ltd (the "Agent") to act on the Council's behalf in the acquisition of real estate as part of the investment portfolio, the objective of which is to generate income

The Agent may approach the Council with opportunities to acquire properties for which they have been appointed to act as agent by the owner(s).

As such, the Agent has exclusive rights to act and, for those properties, there is no alternative provider if the Council wishes to secure the freehold./ investment

To approve an exemption to Contracts Procedure Rules requiring the contract be tendered, on the basis of exclusive rights.

The Exemption is to apply for a period of two years and shall apply to all services instructed during the period. The contract is estimated to be worth £1.5m

No other option on the basis of exclusive rights, but more than one Agent is to be appointed spreading risk and increasing opportunities.