Decision details

The purpose of this report is to report the results of a recent informal tender exercise for the sale of a 250 year leasehold interest in the subject property. In addition to get approval to negotiate final terms with the selected party and progress legal documentation.

RESOLVED - That:
To enter into detailed negations to agree a sale of the long leasehold interest with the preferred party on the basis of the proposal submitted. This will be via a development agreement and upon completion of the scheme, the grant of a 250 year lease.

Option 1 -
To retain the site.
This option is not recommended for the following reasons:
Retention of the site and building would result in on-going maintenance / management and security responsibilities for the Council and also incur revenue costs.
It would also be contrary to the Council’s continuing commitment to good Asset Management i.e. to seek wherever possible to make best use of its land and property assets, which in this case would be disposal.
Option 2 -
To enter into detailed negations to agree a sale of the long leasehold interest with the preferred party on the basis of the proposal submitted. This will be via a development agreement and upon completion of the scheme, the grant of a 250 year lease.
As part of the detailed discussions it is recommended that key stake holders are consulted to ensure local community requirements are captured. These are to include: local Councillors, the Bowling Club and Oldham Council Parks.
As part of this option, authority to agree the final terms is delegated to the Director of Economy and Skills.

To retain the site.
This option is not recommended for the following reasons:
Retention of the site and building would result in on-going maintenance / management and security responsibilities for the Council and also incur revenue costs.
It would also be contrary to the Council’s continuing commitment to good Asset Management i.e. to seek wherever possible to make best use of its land and property assets, which in this case would be disposal.

Consultees included:
Legal, Finance, Property and Ward Members