Mansfield District Council is poised to buy another investment property somewhere in the country but has refused to reveal details until the deal is done.
The authority has been slammed for the secrecy surrounding what is likely to be a multimillion deal to buy a distribution warehouse.
Officers are keeping tight lipped about the price and location of the latest property acquisition recommended as part of its £55 million investment portfolio.
In a report to the corporate asset manager to be considered on October 17, the council’s advisors LSH Investment Management recommends the acquisition of a ‘high quality distribution warehouse facility.”
The firm says the council’s investments are under represented in the office and industrial market and should target assets from £5m to £15 million.
Councillor Stephen Harvey who has criticised the council’s policy of investing millions outside the town said: “I have asked for information on this and the monitoring officer has refused to give anything out.
“All that secrecy makes me uncomfortable and for the people of Mansfield it is unacceptable - bypassing the scrutiny process is the opposite of transparency.”
Mike Robinson, director of economic growth said the appendices to the Property Transaction Report were exempt, adding: The appendices contained commercially sensitive information that, if released, could prejudice the interests of the council or a third party.”