Issue - meetings

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 following marketing by way of an informal tender process, attached.

DECISION MADE: (Ref CAB 11/12 6259)

On consideration of the 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 following marketing by way of an informal tender process, Cabinet agreed:

(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.