Issue - meetings

This report seeks approval for the sale of Monk Bar Garage for residential development.

RESOLVED: That Option A be approved and that the freehold of the Monk Bar Garage site be sold for the best consideration reasonably obtainable, on terms and conditions that are appropriate to achieve a successful sale.

REASON:      To ensure that the development potential of the site is fully utilised and that the maximum capital receipt is obtained to support the capital programme.

                        (ii)        That approval be given to vire £8,250 in lost rent from the provision in the general fund budget to the commercial property rental budget, pro rata, from the date of the sale.

REASON:      To ensure that the integrity of the Property Services budget is maintained, and for good financial purposes.

Members considered a report which sought approval for the sale of Monk Bar Garage for residential development.  A plan of the site was attached as Annex 1 to the report.

Monk Bar Garage was part of the commercial property portfolio.  Vacant  possession could be obtained from the tenant, who had received  compensation to surrender the lease.  The site was allocated for housing  in the draft local plan.  As the property was adjacent to the City Walls, Scheduled Ancient Monument Consent and a full archaeological investigation would be required prior to any development of the site.

The options available were:

Option A – sell Monk Bar Garage and the landscaped area (indicated on Annex 1) for residential development.

Option B – retain the property within the commercial property portfolio.  This was not recommended, as  there was a good business case for selling the property.

Having considered the advice of the Shadow Executive, it was

RESOLVED: (i)         That Option A be approved and that the freehold of the Monk Bar Garage site be sold for the best consideration reasonably obtainable, on terms and conditions that are appropriate to achieve a successful sale.

REASON:      To ensure that the development potential of the site is fully utilised and that the maximum capital receipt is obtained to support the capital programme.

                        (ii)        That approval be given to vire £8,250 in lost rent from the provision in the general fund budget to the commercial property rental budget, pro rata, from the date of the sale.

REASON:      To ensure that the integrity of the Property Services budget is maintained, and for good financial purposes.