Decision Details

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This section allows you to view the general details of a Decision

Details

Status:
Implemented
Title:
Sale of Freehold – Kyotts Lake Industrial Estate, Kyotts Lake Road, Birmingham B11 1JT
Include item on Forward Plan/ Key Decision
No
Reference:
009979/2022
Urgent Decision - Not in Forward Plan
No
Details for Agenda Sheet
Report of 

Strategic Director for Place, Prosperity and Sustainability – Paul Kitson

Director of Council Management – Rebecca Hellard                                         

City Solicitor and Monitoring Officer – Satinder Sahota
Implementation Date (not before meeting on)
Fri 18 Feb 2022
Purpose

This report seeks authority for the sale of the Council owned Industrial Premises at Kyotts Lake Industrial Estate, Kyotts Lake Road, Birmingham B11 1JT

The subject site has an area of approximately 1.53 acres (industrial Estate and parking area) and is shown edged bold on the attached plan at Appendix 1).

The report seeks authority under the delegation in 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 Director – Inclusive Growth, City Finance Officer and the City Solicitor (or their delegates) up to a limit of £25m in any one transaction.

The recommendations contained in this and the Exempt Appendices 2 and 4 are fully in line with the Council’s wider ambitions and plans for inclusive growth and financial stability. The recommendations are in accordance with the Birmingham City Council Plan and Budget 2018-2022 and the Property Strategy.

Options for this site have been fully considered and the sale of the site provides the best outcomes for the city as detailed in the Exempt Appendices 2 and 4.

Key Portfolio
Leader
Decision Maker
Cabinet Member and Chief Officer
Chief Officer Decision Maker
Reason For Key Decision
Relevant Documents
Decision Type:
Committee
Decision Maker:
Cabinet Member
Directorate
Inclusive Growth
Other Information
Private Reason

 

Decision Outcome

On the 18 February 2022 , the Leader and Cabinet Member For Finance and Resources:

 

(i) Authorised the Assistant Director of Property to conclude an unconditional sale of the Council owned Kyotts Lake Industrial Estate, Kyotts Lake Road, Birmingham B11 1JT as shown edged bold on attached plan at Appendix 1 and extending to 1.53 acres approximately, to Omer Properties Limited (CN: 13669269) at a premium as detailed in Exempt Appendix 2.

 

(ii) Noted that the purchaser will also pay a contribution towards the Council’s surveyor’s and legal costs, as detailed in Exempt Appendix 2.

 

(iii) Noted that to demonstrate their commitment, the purchaser has agreed to provide a “cash payment” deposit as detailed in Exempt Appendix 2 (which would be deductible in the event of sale completion).

 

(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 WEDNESDAY 23 FEBRUARY 2022. 

Is the Decision Maker Aware of the Decision:
No
Is the Head of Services Aware of the Decision:
No
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

Sparkbrook & Balsall Heath East

Topics

This Decision does not contain any Topic records

Overview and Scrutiny

Economy and Skills Overview and Scrutiny Committee
Resources Overview and Scrutiny Committee

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

Reports

  1. pdf Kyotts Lake Industrial Estate - Sale - PropInvestBoard - Version 5 (180Kb)
    1. pdf Appendix 1 - Plan - Kyotts Lake Ind Estate (1) (90Kb)
    2. pdf Appendix 1b - Plan - Kyotts Lake Ind Estate (2) (95Kb)
    3. pdf Appendix 3 (Exempt) - Offer Schedule - Kyotts Lake - 13.10.2021 - Private Report
    4. pdf Appendix 3 b (Exempt) - Offer Schedule - Kyotts Lake - 21.10.2021 - Private Report
    5. pdf Appendix 4 (Exempt) - Sale Recommendation & Heads of Terms - Nov 21 - Private Report
    6. pdf Appendix 5 - EQUA782 - Sale of Freehold - Kyotts Lake Industrial Estate (942Kb)
    7. pdf Exempt Appendix 2 - Kyotts Lake Ind Est - V5 - Private Report

This section displays the history of the Decision.

Decision History

Date & Time CreatedUser Full NameStatus DescriptionDetails
12
 Page 1 of 2, items 1 to 10 of 14.
18/02/2022 13:33:06Wendy HillBusiness Item Created 
18/02/2022 13:33:06Wendy HillCommittee AddedCabinet Member and Chief Officer
18/02/2022 13:33:39Wendy HillWard AddedSparkbrook & Balsall Heath East
18/02/2022 13:34:11Wendy HillContacts Edited 
18/02/2022 13:34:40Wendy HillOS Committee AddedEconomy and Skills Overview and Scrutiny Committee
18/02/2022 13:34:40Wendy HillOS Committee AddedResources Overview and Scrutiny Committee
18/02/2022 13:34:54Wendy HillMeeting Added18/02/2022 12:00AM
18/02/2022 13:35:56Wendy HillReport AddedDocument ID 204117: Kyotts Lake Industrial Estate - Sale - PropInvestBoard - Version 5
18/02/2022 13:44:26Wendy HillStatus ChangedDecision Proposed [2]
18/02/2022 13:44:38Wendy HillGeneral Details Edited 

Approval/Comments

No history found.