Issue - meetings

(a)  That officers be authorised to take the necessary actions to dispose of the Council’s freehold interest of The Square complex and car park on the terms as set out in the confidential report (at Part II of your agenda).

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

A report was submitted for Cabinet to consider the disposal of the Council’s freehold interest in The Square, High Street, Newcastle.

This would allow the Council to realise a capital receipt that reflected “best consideration” and would contribute to known demands within the Council’s Capital Programme. The loss of annual rental income would however need to be mitigated and whilst it was not a consideration for the Council in terms of its land disposal process (“best consideration” judgement) it was worth noting that the prospective purchaser’s investment plans should benefit the wider town centre economy.

Resolved:

(a)  That officers be authorised to take the necessary actions to dispose of the Council’s freehold interest of The Square complex and car park on the terms as set out in the confidential report (at Part II of your agenda).

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