Content

8.1

The Committee considered a report of the
Executive Director, City Futures which sought to agree the disposal
of freehold ownership on the terms set out within the wider
report.

 

 

8.2

RESOLVED UNAMIOUSLY: That the
Finance and Performance Policy Committee:
 
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To agree to the disposal of freehold ownership on the terms as set
out in this report.

 

 

8.3

Reasons for
Decision

 

 

8.3.1

The intended outcome of the proposal is to
deliver new residential development within the city centre and
repurpose vacant and underutilised brownfield land where older
buildings are inefficient and would benefit from redevelopment.

 

 

8.3.2

The development proposals will bring forward
the continued regeneration of the Devonshire Quarter, help attract
additional footfall and be of benefit to the city centre.

 

 

8.3.3

The proposed disposal will also deliver the
economic and financial benefits as outlined within this report.
Generating a significant capital receipt, Council Tax Revenue and
CIL contribution for the Council.

 

 

8.4

Alternatives
Considered and Rejected

 

 

8.4.1

Alternative Option 1: The Council could do
nothing. This may result in the
Land remaining vacant or underutilised for
several more years and would not
contribute to the Councils aspirations to see
the regeneration of the
Devonshire Quarter and increase in housing
provision within city.

 

 

8.4.2

Alternative Option 2:The Council could offer
the Land for sale in the open market. Part of the land is subject
to the existing long leasehold title, this could potentially result
in partial development only, or a frustrated ownership structure
which may prohibit the future development of a comprehensive
scheme.
 

8.4.3

Alternative Option 3: The Council could offer
to purchase the long leasehold interest in the site and agree a
future sale of the combined land interests. The buyer has already
agreed and entered into contract to purchase the long leasehold
interest. Pursuing the purchase of the leasehold interest would
require further negotiation and capital expenditure by the Council.
This would represent greater risk for the Council, with the
ultimate aim of seeking a disposal of the land for redevelopment
which is proposed here.