Agenda item - Disposal of 11 Little East Street

Report of the Acting Executive Director for Economy, Environment & Housing (copy attached).

RESOLVED - That Committee authorises the freehold disposal of 11 Little East Street by auction on the open market by the agents appointed.

37.1       The Committee considered a report of the Acting Executive Director for Economy, Environment & Culture in relation Disposal of 11 Little East Street. The report sought agreement for the disposal of 11 Little East Street to provide capital funding for reinvestment to generate additional revenue funding streams to support the Council’s Corporate Property Strategy & Asset Management Plan 2014-18, Corporate Plan and Medium Term Financial Strategy.

37.2       The Committee discussed the planning permission associated with the building and the potential to apply for new planning permission to increase its value. Officers explained that due to the poor state of the building and desire to dispose of this asset quickly the approach outlined in the report was considered to be the most appropriate. Thought had been given to other options, but there was no certainty that this would increase the value significantly and this had to be balanced against the time and uncertainty of applying for planning permission. The better option was for a quick sale to allow any future buyer to apply for permission as they saw fit.

37.3       The Chair then put the recommendation to the vote.

37.4       RESOLVED - That Committee authorises the freehold disposal of 11 Little East Street by auction on the open market by the agents appointed.