Decision details

To consider the Report of the Cabinet Member for  Resources, Leisure and Culture seeking approval for  the principle of the sale of the Council’s freehold interest as part of a joint sale with the long leaseholder’s interest and to delegate authority to Head of Property and Procurement to agree the terms of the sale.

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

(ii)  To delegate authority to the Head of Property and Procurement to approve the preferred tender, agree the terms of the sale and carry out all ancillary matters to dispose of the site

(iii)  To note that the capital receipt will be used to reduce the current funding deficit in the capital programme

1. To facilitate the redevelopment of a vacant unattractive city centre property thereby delivering significant environmental improvements and the promotion of the regeneration of the area.
2. To realise a significant capital receipt.

1. Sell the Council’s freehold interest in isolation. Without the simultaneous sale of the long leasehold interest, vacant possession cannot be offered, which is essential to allow redevelopment.
2. Do nothing. While the property is produces a rental income for the Council and could be held for sale at a later date, it is a vacant and prominent property that is unlikely to be improved in the near future. The opportunity for a joint sale may not present itself again in the near future.