To dispose of the freehold title of 64-65 Cornmarket Street.

To sell the freehold title of 64-65 Cornmarket Street

The decision provides the Council with a capital receipt for a property that would otherwise have restricted options in the future.

There are tight timescales for completion of the sale within 30 days, which, if not progressed, would leave the Council with a potential problematic property to manage in the future, with the possibility of high void costs and maintenance liabilities.

The alternative option is to not proceed with the sale. It is believed that an offer of this level would not be forthcoming from another purchaser due to the nature of the purchaser being a neighbouring freeholder and viewed as a “special purchaser”.