Issue - meetings

(a)  That the Council dispose of the Council’s freehold interest of 2-10 Hassell Street and 15-21 Brunswick Street (Including 17a Hanover Street), Newcastle subject to the offers being at values representing ‘best consideration’.

(b)  That If no offers are received in response to the current marketing exercise or the offers are not considered to achieve ‘best consideration’, that your Officers are authorised to continue marketing the premises.

(c)  That subject to the outcome of recommendation 2 that officers, in consultation with the Portfolio Holder of Economic Regeneration, Business and Town Centres, be authorised to accept a future offer  so long as this represents best consideration.

(d)  That steps be taken as part of the future budget-setting and MTFS processes to address the loss of annual rental income from the properties.

A report was submitted requesting Cabinet to consider the disposal of no’s 2 – 10 Hassell Street, which comprises  four tenanted, ground floor retail units no’s 4-10 Hassell Street and vacant first and second  floor former offices  no. 2 Hassell Street.

The report also requested consideration of the disposal of no’s 15 -21 Brunswick Street, comprising  3 tenanted, ground floor retail units no’s 15-19 Brunswick Street,    small first floor office suite, no. 17a Hanover Street and vacant, first and second floor former offices, situated above, no’s 17a and 21 Brunswick Street.

The Council would realise capital receipts which represented best consideration and would not have to pay for essential repair and on-going maintenance works to the properties.  The upper floors of these two buildings could then be brought back into productive use at no cost to the Council, thereby achieving regeneration objectives.

Resolved:

(a)  That the Council dispose of the Council’s freehold interest of 2-10 Hassell Street and 15-21 Brunswick Street (Including 17a Hanover Street), Newcastle subject to the offers being at values representing ‘best consideration’.

(b)  That If no offers are received in response to the current marketing exercise or the offers are not considered to achieve ‘best consideration’, that your Officers are authorised to continue marketing the premises.

(c)  That subject to the outcome of recommendation 2 that officers, in consultation with the Portfolio Holder of Economic Regeneration, Business and Town Centres, be authorised to accept a future offer  so long as this represents best consideration.

(d)  That steps be taken as part of the future budget-setting and MTFS processes to address the loss of annual rental income from the properties.