Decision Details

Strategic Director for Place, Prosperity and Sustainability – Paul Kitson

Director of Council Management – Rebecca Hellard                                         

This report seeks authority for the sale of the Council’s freehold reversionary interest in Premises at 30-31 Lower Tower Street, Birmingham, B19 3NH to the current lessee, Bhambra Properties Limited.

The subject property has a site area of 1,279 sqm approximately and is shown edged bold on the attached plan at Appendix 1.

The report seeks authority under paragraph 3.2(xi) of Part E of the constitution, for the approval of acquisitions and disposals from the Investment Property portfolio to the Leader and Cabinet Member for Finance and Resources, jointly with the Director - Inclusive Growth, Chief Finance Officer and the City Solicitor (or their delegates, now Strategic Director Place, Prosperity and Sustainability, Director of Council Management and City Solicitor and Monitoring Officer - Interim), up to a limit of £25m in any one transaction.

The recommendations contained in this and the Exempt Appendix 2 are fully in line with the Council’s wider ambitions and plans for inclusive growth and financial stability.  The recommendations are in compliance with the Birmingham City Council Plan and Budget 2018-2022 and the Property Strategy.

On the 24 February 2022, the Leader and the Cabinet Member for Finance and Resources: -

1.  Authorised the Assistant Director of Property to conclude the sale of the Council’s freehold reversionary interest, to the current lessees, Bhambra Properties Limited;

2.  Noted that the purchaser will pay a contribution towards the Council’s surveyor’s and legal costs, as detailed in Exempt Appendix 2 to the report; and

  3.  Authorised the City Solicitor to prepare, negotiate, execute and complete all relevant legal documentation to give effect to the above.

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