This report seeks authority for the sale of the Council’s freehold reversionary interest in in Premises at 222 Yardley Wood Road, Moseley, Birmingham, B13 9JQ to the current lessee, Mr John Thompson.
The subject property has a site area of 319 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.
Options for this property interest have been fully considered and the recommended sale provides the best outcomes for the City as detailed in the Exempt Appendix 2.