Decision - Commercial and Residential (non HRA) Property Disposals

This report recommends the  disposal of three properties; one commercial, one a surplus operational property and one a vacant residential (non-HRA) property.

1)             Cabinet agrees in principle to the disposal of 8-11 Pavilion Buildings by way of a leasehold interest of up to 150 years and delegates authority to the Corporate Director City Services in consultation with the Assistant Director Legal and Democratic Services and the Cabinet Member for Finance & City Regeneration to negotiate the terms for the disposal and take all necessary steps to complete the transaction.

2)             Cabinet agrees to the disposal of the freehold of Montague Place and to granting an option to buy the freehold of 23-24 Montague Place on the terms set out in this report.

3)             Cabinet agrees to the disposal of Flat 4 Arcade Buildings by way of a long leasehold of 125 years on the terms as set out in this report.

4)             Cabinet delegates authority to the Corporate Director City Services in consultation with the Assistant Director Legal and Democratic Services and the relevant Cabinet Member, to finalise the terms and take any necessary steps to facilitate recommendations 2.2 and 2.3.