Issue - meetings

This report seeks approval to sell the Council’s freehold interest in the above property to the existing lessees.

Members considered a report which sought approval to sell the Council’s freehold interest in 5 Kings Square and 2-3 Kings Court to the current lessees, who wished to carry out a refurbishment of the building.

The site was leased on a fixed rent and the the existing buildings would not revert to the Council until 2061.  It was therefore recommended that the sale be approved, on the terms set out in Annex 2 to the report.  

Having considered the advice of the Shadow Executive, it was

RESOLVED: That the site of 2-3 Kings Court and 5 Kings Square be sold to the Oakgate Group Plc, as existing lessees, on the terms and conditions outlined in the report and its annexes.

REASON:      To secure a capital receipt for the Council, and in view of the fact that retaining the site would lead to erosion of the value of the fixed ground rent and might result in a deterioration of the existing buildings.