Purpose

Cabinet will consider the freehold
sale of Cavendish Square Carpark and Gardens.

Decision

Cabinet approved the
following recommendations:

·      
Noted the draft commercial terms as set out in this report and the
Heads of Terms at Appendix C.

·      
Approved proceeding with the advertising requirements of Section
122(2A) of the 1972 Act and Section 233(4) of the Town and Country
Planning Act 1990 giving notice of the intended appropriation of
the Property and disposals of parts of the Property.
 
Reasons for Decision: The Council is
proposing to dispose to Reef part of the Council’s freehold
estate of land which includes the Car Park; and grant to Reef of a
short occupational lease (no more than 7 years) of Cavendish Square
Gardens to enable the redevelopment and improvement works to be
carried out. A decision on the proposed appropriation and disposals
of parts of the Property cannot be taken until any objections to
the proposals, in so far as they affect open space land, have been
considered. To meet the requirements of Section 122 of the Local
Government Act 1972, which enables the Council to appropriate land
held for one purpose for another, Cabinet is being asked to approve
proceeding with advertising of the Property.