Decision details

Western Gateway Town Centre Land and Property Acquisitions

Decision Maker: Cabinet Member - Economy & Skills (Leader - Councillor Sean Fielding)

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

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.

Decision:

RESOLVED - To approve the submission of an expression of interest to purchase of the leasehold interest outside of a public auction process.

Reasons for the decision:

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 centre.
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.

Alternative options considered:

Options 1 and 2.

Publication date: 07/04/2021

Date of decision: 08/03/2021

Effective from: 15/04/2021

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