Purpose

To update Cabinet on the outcome of marketing and to agree final recommendations.
 

Decision

Cabinet unanimously RESOLVED to:

1. Authorise the disposal of the Goods Shed on the terms set out in Exempt Annex 2 of this report for the sum of £300,000 plus VAT for the purpose of its development as a food hall (and ancillary uses) for ‘best consideration’ under Section 123 of the Local Government Act 1972.
2. Delegate authority to the Executive Director for Place and Economy in consultation with the Executive Director of Corporate Service, Director of Legal and Governance, and the Cabinet Member for Growth and Regeneration to take all the necessary steps to give effect to the recommendations, including entering into all necessary legal agreements.

Alternative options considered

Members of the Cabinet could choose not to dispose of the property and re-market. This is unlikely to attract any improved offers and would delay regeneration and maintain council holding costs.

The council could retain the asset and undertake redevelopment activities directly or through a partnership. This would provide greater control but expose the council to development and financial risk.