Decision details

To update Cabinet on the progress for the disposal of this property and to authorise negotiations with a new purchaser.

RESOLVED that:

(1)              the actions taken to date are noted

(2)              the Head of Finance & Resources (S151 Officer) is authorised to continue negotiations with the interested parties and, in consultation with the Cabinet Member for Performance and Resources, to accept an offer of an assignment of the existing leases or the grant of a new lease, which taking into account the opinion of external advisers is considered to represent best value consideration to the Council provided that:

a)         the consideration shall be payable in full upon the final assignment or grant of a 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

(3)              authority is delegated to the Head of Finance & Resources (S151 Officer)in consultation with the Cabinet Member for Policy & Resources and the Director, One Legal to take allnecessary steps and undertake necessary procedures including entering into any legal arrangements or other documentation as may be required to implement the disposal of these three warehouses.