Decision details

Purpose of Report: Oliver House has been marketed for sale and this report will review bids and recommend a preferred bidder.

Executive is asked to select a preferred bidder to purchase Oliver House.

To enable wider discussion of this matter, this item was referred to Cabinet by the Cabinet Leader, Finance & Performance at his Decision Session on 19 March 2015.

This decision will now be made by the Executive on 25^th June.

Resolved:  That the Executive agree to:

(i)           Approve McCarthy and Stone as the preferred bidder for the purchase of Oliver House and the adjoining garages.

(ii)          To retain Churchill Retirement and Trinity Services as reserve bidders who will be invited back into negotiations if an acceptable deal cannot be secured with McCarthy and Stone.

(iii)        To delegate to the Director of Customer and Business Support in consultation with the Executive Leader the agreement of the final sale value and terms.

(iv)        Note that the bid received from Yorspace achieved the highest score on community value, and instruct Officers to work with the group to identify future opportunities.

Reason:      (i)     To achieve the overall best consideration scheme on the Oliver House site and deliver a capital receipt to the General Fund and the Housing Revenue Account.

(ii)      To retain commercial tension within the negotiations and ensure that the final deal represents best consideration for the Council.

(iii)     To ensure the Council achieves the most advantageous deal.

(iv)    In order to provide Yorspace with assistance for any future projects.