Decision details

To approve:

The freehold disposal of site (UPRN 1983) 52-58 Oxford Street, Leicester, LE1 5XW to National Grid Electricity Distribution (NGED) for £2m as a Special Purchaser.

The City Barrister and Head of Standards will prepare and execute all necessary documentation required. The Director of Estates and Building Services Division will agree the required detailed terms.

NGED’s acquisition of the site will enable development as a new primary substation site that will supply sufficient electrical capacity to support the infrastructure for the City.

The sale will also generate a capital receipt for the Council of £2m which represents best consideration.

To decline the offer from NGED to purchase the freehold and continue with the current existing leases with its annual income or develop the site for affordable housing.

These options were discounted given Leicester City Council’s budgetary position, HRA affordability and a significant capital receipt now, is considered more valuable than current and future lease income combined with importance of NGED developing the Strategic Primary Substation subject to planning.