Decision details

To consider the report of the Head of Property seeking approval to the disposal of 182 High Street Southampton freehold investment at not less than the minimum price set out in the confidential appendix.

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 investment at 182 High Street

(ii)  to approve the disposal to the preferred bidder following consultation with the Cabinet Member for Resources at not less than the minimum price 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 disposal.

(iv)  to note that the estimated value of the capital receipt from this disposal 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 disposal is likely to realise in excess of the £500,000 threshold of key decisions.

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