Decision Details

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Details

Status:
Implemented
Title:
Disposal of 10 Gough Street Lease & Freehold Sale
Include item on Forward Plan/ Key Decision
Yes
Item Contains Exempt/Private Reports
No
Reference:
013255/2024
Urgent Decision - Not in Forward Plan
No
Details for Agenda Sheet
Report of Strategic Director Place, Prosperity and Sustainability
Implementation Date (not before meeting on)
Thu 8 Aug 2024
Purpose
Approve; the revised terms, change of use & confirm financial premium.
Key Portfolio
Deputy Leader and Economy & Skills
Decision Maker
Not Applicable
Chief Officer Decision Maker
------ N/A ------
Reason For Key Decision
Above £1m capital
Relevant Documents
Cabinet report 2017
Decision Type:
Committee
Decision Maker:
Cabinet Committee – Property
Directorate
Place, Prosperity and Sustainability
Other Information
Private Reason
Schedule 12A of the Local Government Act 1972 (as amended) Paragraph 3. Information relating to the financial or business affairs of any particular person (including the council) 
Decision Outcome

On 8 August 2024, Cabinet Committee – Property:-

(i)       Authorised the Assistant Director of Investment and Valuation to conclude the terms for a lease regearing for an initial premium, to the current developer as tenant of the Council owned land at 10 Gough Street, Birmingham. B1 1HN (“the Property”) as shown edged bold black on the attached site plan at Appendix 1 and extending to 1,113 sqm by the grant of a new 250-year lease to the Developer Tenant as detailed in Exempt Appendix 2,3 & 4 to the report;

(ii)       Authorised the Assistant Director of Investment and Valuation to conclude the conditional sale of the Council’s freehold interest for an additional premium upon the practical completion of a student housing scheme, also detailed in Exempt Appendix 2,3 & 4 to the report;

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

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

THE DEADLINE FOR CALL IN IS 1600 HOURS ON THURSDAY 15 AUGUST 2024.

Is Decision County Wide:
No
Would the recommended decision be contrary to the budget and policy framework:
No
Decision Options:

Additional Information

Reg 10
Reg 11

Decision Criteria

This Decision does not contain any decision criteria records.

Wards

Ladywood

Topics

This Decision does not contain any Topic records

Overview and Scrutiny

Economy, Skills and Culture Overview and Scrutiny Committee

This section allows you to view the reports for the Decision.

Reports

  1. pdf CCP Report Disposal of 10 Gough Street Lease & Freehold Sale (191Kb)
    1. pdf Appendix 1 Gough St Site Plan (371Kb)
    2. pdf Exempt Appendix 2 - Disposal of 10 Gough Street Lease & Freehold FINAL Cab 2 - Private Report
    3. pdf Exempt Appendix 3 - AY Report (002) - Private Report
    4. pdf Exempt Appendix 4 - Heads of Terms - Private Report
    5. pdf Appendix 5 EIA000371_10 Gough Street Birmingham 19-02-2024 (512Kb)
    6. pdf Appendix 6 - Ward Councillor Consultations (53Kb)

This section displays the history of the Decision.

Decision History

Date & Time CreatedUser Full NameStatus DescriptionDetails
1
 Page 1 of 1, items 1 to 9 of 9.
30/07/2024 11:12:46Ghalub Hussain Business Item Created 
30/07/2024 11:12:46Ghalub Hussain Committee AddedCabinet Committee – Property
30/07/2024 11:12:46Ghalub Hussain Meeting Added08/08/2024 2:30PM
30/07/2024 11:14:17Ghalub Hussain Ward AddedLadywood
30/07/2024 11:14:31Ghalub Hussain OS Committee AddedEconomy, Skills and Culture Overview and Scrutiny Committee
30/07/2024 11:16:23Ghalub Hussain Status ChangedDecision Scheduled [1]
31/07/2024 14:47:40Ghalub Hussain Report AddedDocument ID 259749: CCP Report Disposal of 10 Gough Street Lease & Freehold Sale
12/08/2024 12:29:15Michelle EdwardsGeneral Details Edited 
15/08/2024 16:04:54Errol WilsonStatus ChangedImplemented [7]

Approval/Comments

No history found.