Decision details

Decision to approve funds to progress the market redevelopment project

1.     To purchase the freehold interests in 12-20 Market Place and 42 Cank Street on terms agreed subject to the existing lettings, for the consideration of £1.7 million plus SDLT, making a total of £1,791,500.

2.    The City Barrister & Head of Standards be authorised to prepare and execute all necessary documentation required for the purchase of the properties.

3.    The Director of Estates & Building Services be given delegated authority to agree the detailed terms of the purchase.

4.    The £1.792 million acquisition cost is funded from the capital programme policy provision for commercial property acquisition and associated development costs.

This report is marked “Not for Publication” because it contains exempt information as defined in Paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972 as amended: i.e. “Information relating to the financial or business affairs of any particular person (including the Authority holding that information)”

The vendors have specified a deadline for exchange and completion on 20 December 2017 and due to the urgent need to complete the purchase of the property on 20 December 2017 or risk the loss of the opportunity to purchase it; and under the provisions contained in procedure Rule 12d of Part 4d of the Council’s Constitution the City Mayor has indicated that no call-in of this matter may be made. The Chair of the Overview Select Committee has been informed of this prior to publication. 

To acquire property at a strategic site overlooking the new Market square that can support the current regeneration scheme. The site can be redeveloped or otherwise be an investment property generating income and saving external rental costs for the Council.

None applicable.