Issue - meetings

To consider approval of the sale of the Council’s freehold interest and associated dealings in a city centre property.

Decision

That the recommendation contained within the report be approved.

Alternative options considered were set out in the report.

A Deed of Covenant applied to the property, which expired in 2026 on heads of terms set out in paragraph 3.6 of the report. This included a requirement for ongoing payments to be made to the current tenant.

The sale of the Council’s freehold interest and associated dealings in this property would result in the Council making an annual saving of approximately £200,000, with the full saving up to the end of the Deed of Covenant in 2026 totalling approximately £1.4 million.

A one off payment would apply to secure the sale of the freehold. Members agreed that the financial benefit of the ongoing savings far outweighed the proposed one-off payment and meant that the Council would no longer be tied into the existing arrangements. This point was emphasised by members during discussion and consideration of the proposal.