Decision details

To consider the report of the Cabinet Member for Resources seeking approval to the disposal of the Portland Terrace NCP car park and 173-178 High Street freehold investments at not less than the minimum prices set out in the confidential appendix.

The report will seek to delegate powers to the Senior Manager, Property, Procurement and Contract Management, in consultation with the Cabinet Member for Resources, to approve detailed terms which exceed the stated minimum price.

NOTE: Elements of this report may be considered exempt from public distribution.

(i)  to approve the principle of the disposal of the Council’s freehold investments at Portland Terrace NCP Car Park and 173-178 High Street.

(ii)  to delegate authority to the Head of Property, Procurement and Contract Management subject to the agreement of the Cabinet Member for Resources to approve the sale to the preferred bidders at not less than the minimum prices set out in the confidential Appendix, and to subsequently negotiate and carry out all ancillary matters to enable disposal of the sites.

(iii)  that the Head of Legal, HR and Democratic Services be authorised to enter into any legal documentation necessary in respect of the sales

(iv)  to note that the estimated value of the capital receipt from these disposals has already been built into the funding of the capital programme. Any receipt that differs from the estimates will need to be considered corporately as part of any future prioritisation of resources.

The delegated authority to the Senior Manager, Property, Procurement and Contract Management to approve land and property disposals is limited to £1,000,000 where this is in consultation with the Cabinet Member for Resources, Leisure and Culture.  The Portland Terrace disposal will realise over £1,000,000 and the High Street disposals may realise in excess of this figure requiring Cabinet approval to terms.  This report is the vehicle to provide the necessary approvals.

Do nothing - the opportunity for significant capital receipts would be lost.