Decision details

The purpose of this report is to seek approval for the marketing of 42/44 West Street (“the Property”) on the basis of a Freehold as well as a Leasehold disposal depending on interest received to ensure best value is obtained for the Council.

The Property comprises retail accommodation on the ground floor and offices on the upper floors.  The ground floor has been vacant since the end of 2019 and the Leasehold interest in the ground floor has been advertised since mid-2019.  The upper floors are currently let on a monthly tenancy agreement.

RESOLVED that the Executive agrees to:

(a)  commence marketing the Property on a Freehold basis as well as continuing to advertise the Leasehold interest in the property; and

(b)  delegates authority to the Director of Planning and Regeneration, following consultation with the Executive Member for Policy and Resources, to complete a Freehold or Leasehold disposal of the Property in the event of receiving an acceptable offer.