Decision Details

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This section allows you to view the general details of a Decision

Details

Status:
Implemented
Title:
Sale of property to existing tenant - Four Sites at Railway Terrace, Nechells, Birmingham B7 5NG
Include item on Forward Plan/ Key Decision
No
Reference:
008960/2021
Urgent Decision - Not in Forward Plan
No
Details for Agenda Sheet

Report of Acting Director, Inclusive Growth, Ian MacLeod

Interim Chief Finance Officer - Rebecca Hellard

City Solicitor and Monitoring Officer - Suzanne Dodd

Implementation Date (not before meeting on)
Tue 1 Jun 2021
Purpose
This report seeks authorisation to sell the City Council’s freehold interest in four properties at Railway Terrace, Nechells to the existing tenant to enable regeneration of the site, subsequent planned expansion of their existing demise and for the City Council to reinvest the capital  receipt in line with the approved Property Investment Strategy.

The transaction 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.
Key Portfolio
Leader
Decision Maker
Cabinet Member and Chief Officer
Chief Officer Decision Maker
Reason For Key Decision
Relevant Documents
Decision Type:
Committee
Decision Maker:
Cabinet Member
Directorate
Inclusive Growth
Other Information
Private Reason
Decision Outcome

On the 1st June 2021, the Leader and the Cabinet Member for Finance and Resources:-

1.   Approved an intended sale of four properties at Railway Terrace to the existing tenant, as shown in Appendix 1 to the report;

2.   Noted that the purchaser will pay a contribution towards the Council’s legal and surveyor’s costs, as detailed in paragraph 7.3.5 and Exempt Appendix 2 to the report; and

3.   Authorised the City Solicitor to negotiate, execute and complete all necessary legal documents to give effect to the transaction.

 

NB: THE DEADLINE FOR CALL IN IS FRIDAY 4 JUNE 2021 AT 1600 HOURS.

Is the Decision Maker Aware of the Decision:
No
Is the Head of Services Aware of the Decision:
No
Is Decision County Wide:
No
Would the recommended decision be contrary to the budget and policy framework:
No
Decision Options:

Additional Information

Reg 10
Reg 11

Decision Criteria

This Decision does not contain any decision criteria records.

Wards

Nechells

Topics

This Decision does not contain any Topic records

Overview and Scrutiny

Economy and Skills Overview and Scrutiny Committee
Resources Overview and Scrutiny Committee

This section allows you to view the reports for the Decision.

Reports

  1. pdf Railway Terrace - Strategic investment Property Board Report v4 (168Kb)
    1. pdf Appendix 1 - 18563 @1250 (95Kb)
    2. pdf Appendix 1 - 18564 @1250 (92Kb)
    3. pdf Appendix 1 - 18566 @1250 (92Kb)
    4. pdf Appendix 1 - 18567 @1250 (95Kb)
    5. pdf EQUA644 Railway Terrace (490Kb)
    6. pdf Exempt appendix 2 Railway Terrace - Strategic Investment Property Board Report - Private Report
    7. pdf Exempt Appendix 3 - Railway Terrace - HOT - Private Report

This section displays the history of the Decision.

Decision History

Date & Time CreatedUser Full NameStatus DescriptionDetails
12
 Page 1 of 2, items 1 to 10 of 16.
28/05/2021 16:04:34Wendy HillBusiness Item Created 
28/05/2021 16:04:34Wendy HillCommittee AddedCabinet Member and Chief Officer
28/05/2021 16:07:38Wendy HillWard AddedNechells
28/05/2021 16:08:35Wendy HillGeneral Details Edited 
28/05/2021 16:13:39Wendy HillContacts Edited 
28/05/2021 16:14:43Wendy HillOS Committee AddedEconomy and Skills Overview and Scrutiny Committee
28/05/2021 16:14:44Wendy HillOS Committee AddedResources Overview and Scrutiny Committee
28/05/2021 16:16:06Wendy HillMeeting Added01/06/2021 12:00AM
28/05/2021 16:17:19Wendy HillReport AddedDocument ID 190786: Railway Terrace - Strategic investment Property Board Report v4
28/05/2021 16:23:37Wendy HillStatus ChangedDecision Proposed [2]

Approval/Comments

No history found.