Decision Maker: Cabinet Member - Economy & Skills (Leader - Councillor Sean Fielding)
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
The purpose of this report is to seek approval
to purchase the leasehold interest of a unit within the Spindles
and Town Square Shopping Centre to avoid it going to auction.
RESOLVED - To approve the submission of an
expression of interest to purchase of the leasehold interest
outside of a public auction process.
Option 1 - Do nothing and allow third party
interests to acquire the lease hold. Should the Council not
progress the acquisition then the risks of third party control,
lettings and future financial and legal claims are a high risk to
the future redevelopment of the asset and reputation of the town
Option 2 - Acquire via Auction. It is anticipated that there will be a significant amount of interest in this leasehold, and therefore this option will be a costly exercise.
Option 3 - Acquire by negotiation. Acquiring by negotiation will enable the Council to swiftly deliver a site within the Council’s control – out of public visibility and to assist with the delivery of the ambitions for redevelopment and future management of the site.
Options 1 and 2.
Publication date: 07/04/2021
Date of decision: 08/03/2021
Effective from: 15/04/2021