Disposal of freehold interest in sub-station sites across the city.

In July 2014, CEB Granted authority to the Executive Director of City Regeneration and Housing, in consultation with the Board Member, to vary or extend the sub-station sites to be included in the transaction provided the transaction continues to represent best consideration.

Financial Information – disposal price of £1.25m

Options Considered

·         Do nothing – i.e. continue leasing to SSE with income of approx. £14,000 pa

·         Sell on open market – i.e. investment sale with likely proceeds in order of £500,000

·         Negotiate private treaty sale to existing lessee SSE. Agreed at £1.25m

Disposal of freehold interest in 83 electricity sub-station sites across the city.

In July 2014, CEB resolved to Grant authority to the Executive Director of City Regeneration and Housing, in consultation with the Board Member, to vary or extend the sub-station sites to be included in the transaction provided the transaction continues to represent best consideration.

The final proposal was in line with the terms outlined to CEB.

·         Do nothing – i.e. continue leasing to SSE with income of approx. £14,000 pa

·         Sell on open market – i.e. investment sale with likely proceeds in order of £500,000

·         Negotiate private treaty sale to existing lessee SSE. Agreed at £1.25m

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