This report seeks authority for the sale of the Council owned Freehold Reversionary Interests in the site known as Retail Parade at 217-232 New John Street West, Hockley, Birmingham B19 3AU to NJSW Limited (CRN: 13546264).
The subject site has an area of 0.597 acres approximately 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, now Acting Director, Inclusive Growth, Director of Council Management and City Solicitor and Monitoring Officer) up to a limit of £25m in any one transaction.
The recommendations contained in this report 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 compliance 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.