Decision details

The purpose of the report is to seek approval for the Council to;
- Obtain possession of 56 Gibraltar Street on the basis of the provisionally agreed heads of terms set out in Appendix Two and;
- Enter into negotiations with the Department for Education for the direct sale of 56 and 58 Gibraltar Street at Market Value.

RESOLVED - That the Council;
- Obtain possession of 56 Gibraltar Street on the basis of the provisionally agreed heads of terms set out in Appendix Two and;
- Enter into negotiations with the Department for Education for the direct sale of 56 and 58 Gibraltar Street at Market Value. Once the independent valuation has been prepared, the agreed terms with the DfE would be subject to a separate report in accordance with the Council's scheme of delegation.
- In the event that the Council fail to conclude negotiations or a sale to the DfE, that the properties at 56 and 58 Gibraltar Street are advertised on the open market with the Director of Economy having full authority to agree the preferred route to market (i.e. informal tender, auction etc.). If applicable, any open market offers would again be subject to al separate report in accordance with the Council's scheme of delegation.

Option 1 -
do nothing.
Option 2 -
formalise the position in relation to 56 and 58 Gibraltar Street.
Option 3 - obtain possession of 56 Gibraltar Street and dispose of both properties.

Option 1 - do nothing.
Option 2 - formalise the position in relation to 56 and 58 Gibraltar Street.

- Legal and finance colleagues.
- Ward Councillors.
- A briefing note setting out the background and range of options was previously considered by the Director of Economy.