Issue - items at meetings - Future Ownership Options for Edward Street Quarter Site

Report of the Director of Cultural Services (copy attached)

[Exempt Category 3]

1          That the decision by American Express’s Global Real Estate Board to develop land at the Edward Street Quarter to provide a modern sustainable high quality office facility be welcomed. And that it be noted that this will act as their headquarters for Europe, the Middle East and Africa, ensuring they both retain and grow their presence in Brighton noting And that the ensuing economic benefits arising be noted.

2          That progression of detailed negotiations and evaluation of options, be supported, with ‘in principle’ agreement to offer an option for the disposal of the city council’s freehold interest in Amex House, Edward Street, Brighton (shown in the light red colour on the plan at Appendix 1) to American Express subject to an acceptable price being negotiated by officers and agreed by Cabinet in line with the process outlined at section 7.4.

3          That at present an option is offered with any future sale being made conditional on American Express obtaining and implementing planning permission for the development of additional offices at Edward Street in line with the protections outlined at section 7.5.

4          That any sale will need to comply with legislation covering state aid and achieving best consideration for land, such as section 123 of the Local Government Act 1972.

Exempt category 3

71.1         The Cabinet considered a report of the Director of Cultural Services that sought authority to proceed to detailed negotiations with American Express for the potential sale of the city council’s freehold interest in Amex House. This with ‘in principle’ support for sale to the existing long-leaseholders (for copy see minute book).

71.2         Councillor Mitchell declared a personal interest in the item as a relative worked for the associated company. She left the chamber for the duration of the debate.

71.3         The Chairman commended the work of officers in relation to the preparation of the report and the sensitive negotiation that it had required

71.4         RESOLVED -

(1)       That the recommendations be approved as per the report.