Long Leasehold Sale in W1
March 11, 2024 Cabinet Member for Finance and Council Reform (Cabinet member) Approved View on council websiteThis summary is generated by AI from the council’s published record and supporting documents. Check the full council record and source link before relying on it.
Summary
...to facilitate the disposal of a long leasehold in W1, authority was delegated to the Director of Property, in consultation with the Executive Director of Finance and the Director of Law, to approve the Council entering into a 250-year lease or any legal documents ancillary to or required to facilitate the disposal of the property.
Full council record
Purpose
The proposed sale of a long leasehold in W1.
Decision
Summary of Decision
The Cabinet Member for Finance and Council Reform has delegated authority to the Director of Property, in consultation with the Executive Director of Finance and the Director of Law as appropriate to approve the Council entering into a 250-year lease or any legal documents ancillary to or required to facilitate the disposal of the property.
Reasons for Decision
The disposal is recommended as the purchaser is a special purchaser and without their interest it would have little or no economic value to the Council. The sale enables a capital receipt to be realised.
The funds received from the disposal will be reinvested into Council services.
Supporting Documents
Details
| Outcome | Recommendations Approved |
| Decision date | 11 Mar 2024 |