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Decision details

Decision details

Freehold sale by auction of 1-7 Greyfriars, Leicester, LE1 5PH.

Decision Maker: City Mayor (Individual Decision)

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: Yes

Purpose:

To approve to proceed to the sale by auction of 1-7 Greyfriars, Leicester, LE1 5PH, including the associated car park to the rear.

Decision:

1)         The sale by auction of 1-7 Greyfriars, Leicester, LE1 5PH, and car park to the rear.

 

2)         The properties as outlined above, have been valued by the Council’s RICS registered valuer and additionally an external independent valuation has been undertaken. The Director has approved the valuation as £4.5m as outlined in the scheme of delegation and has accordingly set the reservation price.

 

3)         Existing easements and wayleave agreements across the car park will be included in the sale.

 

4)         A new easement for the benefit of Leicester City Council and King Richard III Visitors Centre, 4a St Martins, LE1 4DB for access to, and the use of, the designated parking area within the car park adjacent to the King Richard III Visitors Centre.

Reasons for the decision:

To dispose of surplus vacant buildings no longer required by the Council for its functions.

 

To de-risk the on-going revenue running costs for the Council of these vacant buildings.

 

To meet best consideration in its disposal decisions and meet its fiduciary duty in line with S123 of the Local Government Finance Act 1972.

Alternative options:

           Commercial parties in 1-3 (only) Greyfriars as a cinema/residential combination project.

 

           Residential development of the space above the proposed four-screen boutique cinema complex.

 

           Disposal at Auction (recommended).

Publication date: 06/02/2023

Date of decision: 06/02/2023

Effective from: 14/02/2023

Accompanying Documents: