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Issue details

Proposals for the Freehold of Stonebow House and further options for changes to the Commercial Portfolio

Purpose of Report: The report will set out options to dispose of the freehold interest in 2 poorly performing freehold interests currently held in the Council’s commercial portfolio (Stonebow House and 10-12 Redeness St) and to invest in the purchase of the leasehold interests of 2 properties with a better financial yield.

The disposal of the freehold interests will, subject to planning, enable redevelopment of underused assets. The purchase of the leasehold interests will generate an increased revenue income and secure potential future development opportunities. 

 

This report has been deferred to the October Executive meeting to allow Officers time to examine further options for changes to the Council’s commercial portfolio.

 

 

Decision type: Key

Reason Key: Cabinet Decision - a 'Key Issue' - decision leading to savings or expenditure of £500,000 or above;

Decision status: Decision Made

Wards affected: Guildhall Ward;

Notice of proposed decision first published: 18/07/2016

Anticipated restriction: Part exempt  - View reasons

Explanation of anticipated restriction:
Information relating to the financial or business affairs of any particular person (including the authority holding the information)

Decision due: 13/10/16 by Executive

Lead member: Executive Member for Finance & Performance

Lead director: Corporate Director of Customer and Corporate Services

Department: Directorate of Customer and Corporate Services

Contact: Andy Kerr Tel No. 01904 554153 Email: andy.kerr@york.gov.uk.

Consultation process

Internal - Finance and Property Services, with external valuation advice.

Making Representations: Contact the report author.

Decisions

Agenda items

Documents

  • Proposals for the lease of Stonebow House  

 

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