Decision - Disposal of 54 London Road

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Decision details

Disposal of 54 London Road

Decision Maker: Policy, Resources & Growth Committee

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Purpose:

Recommendation to sell 54 London Road and retain the capital receipt for reinvestment into the commercial property portfolio

Decision:

1)           That the committee authorises the disposal of the freehold of 54 London Road and that delegated powers be given to the Executive Director of Economy, Environment and Culture, Assistant Director Property & Design and Executive Lead for Strategy, Governance and Law to agree terms.

 

2)           That the committee authorises the retention of the net capital receipt to support the created investment fund, that includes the net capital receipts from 3 other completed property disposals, previously approved by this committee (11 Little East Street, 18 Market Street and 28 York Place).

 

3)           That the committee notes that the investment fund created will be used to acquire commercial investment property or properties, in accordance with the council’s Asset Management Plan, details of which will be presented to this committee with a recommendation when an acquisition opportunity has been identified.

Report author: Jessica Hamilton

Publication date: 26/01/2018

Date of decision: 25/01/2018

Decided at meeting: 25/01/2018 - Policy, Resources & Growth Committee

Accompanying Documents:

 


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