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.