Content

11.1

Regeneration and Property Services propose the disposal of
freehold land at Cotton Mill Row, Kelham Island, Sheffield S3 on a
private treaty basis on the terms set out in the attached Appendix
for the development of a high-density residential led mixed use
scheme.
As the land has not
been subject to a competitive marketing process and consideration
to be received by the Council exceeds £300,000, this report
seeks the approval of the Council’s Finance Committee to
dispose of the Land.

 

 

11.2

RESOLVED
UNANIMOUSLY: That Finance Committee
approves the freehold sale of the Land on the terms set out in the
Appendix 3.

 

 

11.3

Reasons for Decision

 

 

11.3.1

The intended outcome
of the proposal is to deliver new residential accommodation within
the city centre and repurpose vacant and redundant commercial sites
where older buildings are inefficient and would benefit from
redevelopment.

 

 

11.3.2

The development
proposals will help attract additional footfall which will be of
benefit to the city centre. The disposal will also deliver a
significant capital receipt, increased Council Tax revenue and CIL
contribution for the Council.

 

 

11.3.3

The proposals will
deliver the economic and financial benefits as outlined within this
report.

 

 

11.4

Alternatives Considered and Rejected

 

 

11.4.1

The Council could do
nothing; this may result in the Land remaining vacant for several
more years and would not contribute to the Council’s
aspirations to see the Kelham Island area regenerated. This could
also have a negative impact on the future use of the
Land.

 

 

11.4.2

The Council could
offer the Land for sale in the open market; this may result in a
disposal and subsequent development, but in isolation, due to its
small size, the Land would be limited in terms of future
development potential, and it is considered that a sale would
generate a lower capital receipt for the Council as a
result.