Decision Maker:

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: No

Date of Decision: October 21, 2024

Purpose:

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:   -       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.