Issue - decisions

Resolved: That Executive agree to:

(i)           Dispose of the freehold interest of Stonebow House and grant a long leasehold to Oakgate PLC on the small area of land identified in Annex 1 for a total price of £750,000; 

(ii)          Dispose of the freehold interest of 10 and 11 Redeness Street to Maple Grove Developments for £256,500;

(iii)        The purchase of the leasehold of sites 36 and 23  Hospital Fields Road for sums set out in the Confidential Annex 1, with delegated authority to the Director of Place to make the final purchase decision based on the outcome of surveys.

Reason:     (i)      To allow the redevelopment of Stonebow House to proceed, bringing back in to use and renovating a vacant run down building whilst achieving a significant capital receipt from a poorly performing commercial asset.

          (ii)      To dispose of a poorly performing asset.

(iii)     To increase the revenue income of the  commercial portfolio and create potential future development opportunities.