Purpose

Please Note:  This decision was Called-In under Rule 12 of Part 4D of the Council’s Constitution.  The Call-In was considered by the Economic Development, Transport and Climate Emergency Scrutiny Commission at its meeting on 14 January 2026 where it was withdrawn by resolution of the Committee in accordance with Rule 12 (g) of Part 4D of the Council’s Constitution.  The original decision taken on 26 November 2025 is, therefore, deemed to be revived in its entirety.

To seek approval to enter into a land exchange agreement with Rakal Ltd involving land it owns land at Midland Street / Southampton Street and land the council owns at Queen Street/Southampton Street. See Plan 1 attached in the report. The Council will make a balancing payment to reflect the higher land value of the Rakal site.

Decision

To approve the Council entering the land exchange arrangement by acquiring the freehold of Plot A from Rakal Ltd in exchange for the freehold of Plot B to Rakal Ltd, as indicated in Plan 1, on terms set out in this report. 

To note the estimated cost of £400k of the exchange, including the balancing payment, SDLT and legal / survey work, financed from budgets within the approved General Fund capital programme (£265k from ‘Land South of Phoenix’ and £135k from CDN Feasibilities).

Reasons for the decision

To enable regeneration in the Cultural Quarter.