The Director Property & Assets submitted a report to seek approval for the long leasehold disposal of 9, 10, 16a & 16b Ship Street and 10 St Michaels, properties owned by the City Council.

Cabinet is recommended to:

1.    Approve the long leasehold disposal of 9, 10, 16a & 16b Ship Street and 10 St Michaels these properties as set out in the report. 

2.    Delegate authority to the Director Property & Assets in consultation with the Deputy Leader and Cabinet Member for Finance & Asset Management, the Director of Law, Governance & Strategy and the Group Finance Director the agreement of the detailed terms for the disposal and to enter into all necessary documentation to effect the disposal on the basis that the terms comply with s.123 of the Local Government Act 1972, where powers are not already delegated within the constitution. 

The Director Property & Assets had submitted a report to seek approval for the long leasehold disposal of 9, 10, 16a & 16b Ship Street and 10 St Michaels, properties owned by the City Council.

Councillor Turner presented the report. He said that these disposals would allow them to make best use of their commercial portfolio. He noted that these properties had not been in use recently and there were restrictions in what the Council could do with them. Councillor Turner said that the appropriate processes had been followed and that this decision would be financially beneficial for the Council.

Alex Miller, Transactions Manager - Corporate Property, clarified that they would retain the freehold title of these properties with the current decision.

Councillor Hollingworth said he was pleased to see this report. He emphasised the properties had been sitting unused for too long and that it was good to see the effort to bring them back into use. He said that his would be a good outcome for the buildings and the Council.

Councillor Brown concurred with Councillor Hollingsworth and thanked the officers for their work on the report.

Cabinet resolved to:

1. Approve the long leasehold disposal of 9, 10, 16a & 16b Ship Street and 10 St Michaels these properties as set out in the report. 
2. Delegate authority to the Director Property & Assets in consultation with the Deputy Leader and Cabinet Member for Finance & Asset Management, the Director of Law, Governance & Strategy and the Group Finance Director the agreement of the detailed terms for the disposal and to enter into all necessary documentation to effect the disposal on the basis that the terms comply with s.123 of the Local Government Act 1972, where powers are not already delegated within the constitution.