Issue - meetings

Disposal of HKP Warehouses

Meeting: 15/01/2020 - Cabinet (Item 91)

91 Disposal of Herbert, Kimberley and Philpotts Warehouses pdf icon PDF 94 KB

To consider the report of the Cabinet Member for Regeneration and Economy updating Members on the progress of the disposal of this key interest and seeking to authorise continued negotiations.

 

Decision:

RESOLVED that:

 

(1)           the actions taken to date be noted

 

(2)           the Property Commissioning Manager be authorised to continue negotiations with the interested parties and, in consultation with the Cabinet Member for Regeneration and Economy and the S151 Officer, to accept an offer of an assignment of the existing leases or the grant of a new lease, which in the opinion of external advisers represents best consideration provided that:

 

a.         The consideration shall be payable in full upon the assignment or grant of new lease; and

b.         The transaction shall be an outright assignment or grant of lease at arms’ length, without any obligation for a continuing relationship with the Council other than as landlord

 

Minutes:

Cabinet considered the report of the Cabinet Member for Regeneration and Economy that updated Members on the progress of the disposal of this key interest and sought to authorise continued negotiations.

 

The Cabinet Member for Regeneration and Economy stated that a number of offers from developers had been made, but that there was now a preferred bidder.  He emphasised the importance of moving forward quickly to give the site a new and beneficial use. The Cabinet Member for Environment commented that reports in the press on the identity of the preferred bidder were purely speculative.

 

RESOLVED that:

 

(1)           the actions taken to date be noted

 

(2)           the Property Commissioning Manager be authorised to continue negotiations with the interested parties and, in consultation with the Cabinet Member for Regeneration and Economy and the S151 Officer, to accept an offer of an assignment of the existing leases or the grant of a new lease, which in the opinion of external advisers represents best consideration provided that:

 

a.         The consideration shall be payable in full upon the assignment or grant of new lease; and

b.         The transaction shall be an outright assignment or grant of lease at arms’ length, without any obligation for a continuing relationship with the Council other than as landlord