Decision details

To consider the report of the Cabinet Member for Resources and Leisure seeking Cabinet for approval the sale of this property to the head lessee.

To delegate authority to the Head of Property to negotiate and agree the terms of the sale following consultation with the Cabinet Member for Resources, and subject to the District Valuer confirming the disposal represents best consideration, and carry out all ancillary matters to dispose of the site on the basis of the terms set out in this report.

1.  This report is submitted for consideration as a General Exception under paragraph 15 of the Access to Information Procedure Rules in Part 4 of the City Council’s Constitution, notice having been given to the Chair of the relevant Scrutiny Panel and the Public.

2.  This is a transaction that the Council wishes to pursue. Primark have considered this in line with its core retail decision making. Having pressed them to reconsider at its board, there is a wish to keep up the momentum, and seek a conclusion of the transaction by 31st December 2014.

This property forms part of the Councils Investment Property portfolio. There is currently 38 years left on the existing lease at a fixed rent of £9,600 per annum. The Council could wait until the end of the lease when the rent would revert to market value. The preference is to realise a capital receipt, which can be invested or used to repay long term debt.