Purpose

To consider the disposal of the former bed and breakfast hotel, ‘Art B&B’ located 180-182 Queens Promenade, as the tenant has ceased trading, and approve disposal to the Art B&B CIC by virtue of the company’s option to purchase pertaining to their existing lease agreement.

Decision

To approve the disposal of the former Art B&B hotel, to recover the original acquisition cost and all other associated costs incurred by the Council from the capital receipt from the freehold sale, including the outstanding debt of the business loan to Art B&B CIC.

The intention of the Art B&B CIC is to simultaneously dispose of the property to a 3rd party purchaser, concurrently with their purchase of the property.