Decision Details

Report of Acting Director; Inclusive Growth - Ian MacLeod

Director of Council Management (Interim) - Rebecca Hellard

City Solicitor and Monitoring officer - Suzanne Dodd

This report seeks authority for the sale of the Council’s freehold reversionary interest in Premises at 395-397 Lichfield Road, Aston, Birmingham, B6 7SS to the current lessee, Roderick Stockton of V S N Steels Ltd.

The subject property has a site area of 1858 sqm approximately and is shown edged bold on the attached plan at Appendix 1.

The report seeks authority under the delegation approved in the Property Investment Strategy report in July 2019, 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, Chief Finance Officer and the City Solicitor (or their delegates) up to a limit of £25m in any one transaction.

On the 24 May 2021, the Leader and the Cabinet Member Finance & Resources;  

1. Authorised the Assistant Director of Property to conclude the sale of the Council’s freehold reversionary interest, to the current lessee, Roderick Stockton of V S N Steels Ltd.

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

3. 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 27^TH MAY 2021.