Decision details

To consider a report of the Cabinet Member for Resources, Leisure and Culture seeking approval for the sale of the Council’s freehold investment of Millbrook Trading Estate in First Avenue and Second Avenue  following marketing by way of an informal tender process.

(i)  To approve the sale of the freehold investment in the Millbrook Trading Estate to the recommended bidder as set out in Confidential Appendix 2 and to delegate authority to Head of Property and Procurement to negotiate final terms and to accept the next best bid in the event of the selected bidder not proceeding and to continue such process as necessary.

(ii)  That the Head of Legal and Democratic be authorised to enter into any legal documentation necessary in respect of the sale.

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

1.  This freehold investment is no longer considered a strategic part of the Council’s investment portfolio and its disposal would realise best consideration and enable the Council to raise a significant capital receipt.

The options are to sell the site to the recommended bidder, sell the site to a different bidder, or not to sell at all following this tender. If the Council still wished to sell the site then it would be possible to remarket the site as a whole, or sell individual units to tenants or by auction.  It is considered that no significant benefit would be gained from remarketing the site as the offer of the recommended bidder realises best consideration.