Decision details

To consider the report of the Cabinet Member for Resources, Leisure and Culture seeking approval for the disposal of the freehold investment at Millbrook Trading Estate. 

Note:  This report is presented as a general exception item in accordance with paragraph 15 of the Access to Information Procedure Rules of part 4 of the Council’s Constitution, as it has not been included in the Council’s Forward Plan. 

DECISION MADE: (Ref: CAB 11/12 7399)

On consideration of the report of the Cabinet Member for Resources, Leisure and Culture; Cabinet agreed the following:

(i)  To approve the sale of the freehold investment in the Millbrook Trading Estate to the recommended bidder on the revised basis as set out in Confidential Appendix 2 and to delegate authority to Head of Property & Procurement to negotiate final details of sale 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, HR and Democratic Services 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.

Owing to the results of thorough due diligence by the selected bidder, they are no longer prepared to proceed at the previously approved price, and have reduced their offer.  There is no delegated authority to vary the price agreed so this report recommends proceeding with the same purchaser at the reduced price.

To proceed with the second highest bidder.  Further details are in the confidential appendix to this report.