On 14
December 2021, Cabinet:-
(i) authorised the
Assistant Director of Property to conclude a conditional on planning sale of
the surplus Council owned property, “The Brasshouse”, 50 Sheepcote Street,
Birmingham, B16 8AJ (“the Property”) as shown edged bold on attached plan at
Appendix 1 of the report, and extending to 2762 sqm, by the grant of a new 250
year lease at a premium to Regal Property Group (“the Purchaser”) as detailed
in Exempt Appendix 2 of the report;
(ii) delegated authority to
the Assistant Director of Property, jointly with the Leader of the Council, should
they determine through assessment and approval of the business case that it
would be of financial benefit to the Council, to agree final terms for and the
disposal of the Property, by way of either a transfer of the freehold or the
grant of a long lease of a suitable term, to Birmingham City Propco Limited, a
wholly owned Council subsidiary, subject to the benefit and the burden of any
then existing contract for any disposal of the Property to the Purchaser;
(iii) noted that the
purchaser will also pay a contribution towards the Council’s surveyor and legal
costs, as detailed in Exempt Appendix 2 of the report;
(iv) noted the delegation
approved by Cabinet on 27 July, 2021 to the (now) Director of Council
Management, in consultation with the Leader of the Council, the authority to
buy shares in and approve loans to, Propco Ltd up to an aggregate limit of
£100m, on commercial terms and in compliance with HMRC rules on ‘thin
capitalisation’, subject to a full business case for each investment being
approved;
(v) 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
MONDAY 20 DECEMBER 2021.