Issue - meetings

Reporting Person – Giorgio Framalicco

The Executive received a report which sought approval for the sale of the freehold interests in Cleary Court and 2 Christchurch Way to allow the entire redevelopment of the Cleary Court Island site.  It was noted that external advisors had advised that the proposed sale value was an acceptable level, and a red book valuation commissioned by the Council had indicated that the market value of the properties was in line with the proposed sale value.  The proposed sale value was outlined in the Part II report.  The Executive noted that there was a general willingness to move amongst the businesses in the buildings, and it would be important to help businesses that wished to relocate.  Discussion ensued on the Town Centre Masterplan and the hope that it would encourage sustainable sensible development in the Town Centre.

The Executive welcomed the proposal which would sell surplus land and generate a capital receipt to the Council.

RESOLVEd

That the Council dispose of the freehold interests in Cleary Court and 2 Christchurch Way.

Reason:   This sale should allow the progression of a redevelopment scheme which will support the Council’s aspirations for the continued regeneration of the town centre and provision of employment opportunities in line with the emerging Town Centre Masterplan whilst also removing an asset which currently represents a financial burden to the Council.