Purpose

To gain approval for proposed disposals at Bidder Street.

Decision

Decision:

For the reasons set out in the report and its appendices Cabinet RESOLVED to Agree to:

i)  The Director of Property to agree the terms of a sale of a 999 year lease of 29 Bidder Street, edged red on the Plan at fig 2.

ii)  The final terms of the sale to be agreed by the Director of Property in consultation with the Corporate Director of Resources and the Lead Cabinet Member for Finance and Resources.

Alternatives Considered

a)  Not to progress the transactions in the short term which is not recommended because the Council have received two positive approaches effectively providing a good opportunity to achieve vacant possession and an early sale. Long delays may frustrate the current positive approach of our leaseholders/the adjoining site developer and undermine the momentum of potential transactions.

b)  Not to progress the transactions in the longer term which is not recommended given the poor investment returns of the sites which are significantly underused and could be redeveloped to generate a receipt and early improvements to the location. Redevelopment of the sites may also act as a catalyst for further interested third parties of other land in the Bidder Street area to come forward to explore similar improvement schemes.