On 12
October 2021, Cabinet:-
(i) Authorised the Assistant Director of
Property to conclude an unconditional sale of the surplus Council owned land at
Lawson Street Birmingham B4 7AT as shown edged bold on attached plan at
Appendix 1, and extending to 1071 sqm, by the grant of a new 250 year lease at
a premium to SiG 23 Ltd (Samma Investments) as detailed in Exempt Appendix 2 to
the report;
(ii) Noted that the purchaser will also pay a
contribution towards the Council’s surveyor and legal costs, as detailed in
Exempt Appendix 2 to the report;
(iii) Noted that to demonstrate their commitment,
the purchaser has agreed to provide a “cash payment” exclusivity premium as
detailed in Exempt Appendix 2 (which would be non-refundable but deductible in
the event of sale completion) for an exclusivity period of 4 weeks to
unconditional exchange. Simultaneous exchange and completion to occur within
the term of the Exclusivity Agreement;
(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 MONDAY 18 OCTOBER 2021.