Decision details

To consider the report of the Cabinet Member for Resources, Leisure and Culture seeking approval for the sale of the Council’s freehold interest.

(i)  To approve the principle of the sale of the Council’s freehold interest, and

(ii)  To delegate authority to the Head of Property and Procurement to negotiate and agree the terms of the sale to the bidder that offers best consideration following consultation with the Cabinet Member for Resources, Leisure and Culture and carry out all ancillary matters to dispose of the site.

(iii)  To note that the estimated value of the capital receipt from this sale has already been built into the funding of the capital programme. Any receipt higher than the estimate will be used to reduce the funding deficit. A receipt lower than this will increase the deficit.

1.  To enable the redevelopment of a vacant city centre site thereby delivering significant environmental improvements and the promotion of the regeneration of the area.

2.  To realise a significant capital receipt.

Retain the site. The site is not required for Council use.