Issue - meetings

Report of the Cabinet Member for Finance and Change seeking approval for the disposal of One Guildhall Square.

Report of the Cabinet Member for Finance and Change detailing the proposed disposal of freehold interest in One Guildhall Square.

RESOLVED:

(i)  That the commencement of a sale process for a disposal of the freehold interest in One Guildhall Square, subject to existing leases and condition is approved.

(ii)  a. That in the first instance, approval is given for the sale process to be offered “off market” exclusively to the special interest party. b. That any sale to the special interest party will be subject to a completion of a sale taking place by 31 March 2024.

(iii)  The commercial and financial terms and related recommendations as set out in the confidential appendix, be agreed by Council.

(iv)  Following consultation with the Cabinet Member for Finance and Change and the Executive Director for Corporate Services, that the Executive Director for Place be given delegated authority to finalise the detailed terms of this transaction.

(v)  If terms for a sale of the freehold interest cannot be agreed with the special interest party by a specified date, the council will procure the services of a commercial real estate agent through its normal procurement processes, to market the freehold interest on the open market.

(vi)  If the council needs to proceed with an open market sale in accordance with recommendation (v), to delegate authority to the Executive Director Place, following consultation with the Executive Director Corporate Services and the Cabinet Member for Finance and Change to finalise the detailed terms for, and proceed to the completion of, sale of the property.

NOTE the following Members declared a discloseable pecuniary interest and left the meeting during its consideration:  Councillors Blackman, M Bunday, Cox, Denness, Fielker, Houghton, Kataria, Letts, McCreanor and Paffey.

Councillor Leggett declared a personal interest and remained at the meeting.