Decision Details

Implemented

Purchase of Freehold – 69-73 The Parade, Sutton Coldfield, B72 1PA, and Purchase of Leasehold 75-101 The Parade & Newall Retail Park, Sutton Coldfield, B72 1RX

No

009784/2022

No

Report of Director; Planning, Transport and Sustainability – Ian MacLeod
Director of Council Management – Rebecca Hellard
City Solicitor and Monitoring Officer – Suzanne Dodd

Thu 6 Jan 2022

This report seeks authority for the purchase of the freehold interest at 69-73 The Parade,
Sutton Coldfield, B72 1PA and the purchase of the leasehold interest in 75-101 The Parade
& Newall Retail Park, Sutton Coldfield, B71 1RX.

The subject site has an area of approximately 5.44 acres and is shown edged red on the
attached plan at Appendix 1. The freehold and leasehold interests are shaded blue and
green respectively.

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.

This strategic purchase gives Birmingham City Council the opportunity to protect and
promote the implementation of the adopted Royal Sutton Coldfield Town Masterplan which
may be frustrated if the interests are sold on the open market.
The recommendations contained in this Report and the Exempt Appendix 5 are fully in line
with the Council’s wider ambitions and plans for inclusive growth and financial stability. The
recommendations comply with the Birmingham City Council Plan and Budget 2018-2022,
the Property Strategy 2018-2023 and the 2019 Property Investment Strategy.

Leader

Cabinet Member and Chief Officer

Committee

Cabinet Member

Place, Prosperity and Sustainability

On 6 January 2022, the Leader and the Cabinet Member for Finance and Resources:-

1.   Authorised the Assistant Director of Property to agree terms for the purchase of the freehold interest at 69-73 The Parade, Sutton Coldfield, B72 1PA and the purchase of the leasehold interest in 75-101 The Parade & Newall Retail Park, Sutton Coldfield, B71 1RX as shown edged red on attached plan at Appendix 1 to the report, and extending to 5.44 acres, from RPMI Railpen Limited;

2.   Approved the purchase of the interests as a strategic purchase for the amount set out in the attached Exempt Appendix 4 to the report. A 10% deposit will be payable of exchange of contracts; and

 

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

 

NB:  THE DEADLINE FOR CALL IN IS TUESDAY 11 JANUARY 2022 AT 1600 HOURS

 

   

 

 

No

No

No

No