Sale of the freehold of the London Road Stadium and the Allia Business Centre - MAR20/CMDN/92
Decision Maker: Cabinet Member for Finance
Decision status: Awaiting Implementation
Is Key decision?: Yes
Is subject to call in?: Yes
The attached report/background information is NOT FOR PUBLICATION in accordance with paragraph 3 of Schedule 12A of Part 1 of the Local Government Act 1972 in that it contains information relating to commercially sensitive information relating to the business affairs of the Council and Peterborough United Properties Limited. The public interest test has been applied to the information contained within the exempt annex and it is considered that the need to retain the information as exempt outweighs the public interest in disclosing it.
The Cabinet Member:
1. Delegate authority to the Acting Corporate Director Resources to dispose of the land and buildings at London Road to Peterborough United Properties Limited.
2. Delegated to the Director of Law and Governance the authority to finalise and put in place any agreements and legal documentation necessary to give effect to these proposals, in consultation with the Corporate Director of Growth and Regeneration and the Acting Corporate Director, Resources.
Reasons for the decision:
The new majority owners of PUFC expressed an interest in purchasing the stadium and talks have progressed with these new owners over the last year. This sale secures the long term aspiration for PUFC for development in the future.
This transaction will provide a capital receipt of £4.1m to the Council in the current financial year.
Alternative options considered:
1. Council to retain ownership of the land and buildings, however this will restrict the future development of PUFC.
2. The Council sell the freehold interest to a third party. This could undermine the ability of the Club to develop.
Interests and Nature of Interests Declared:
This decision would normally be taken by Councillor Peter Hiller as Cabinet Member for Strategic Planning and Commercial Strategy and Investment. In this instance, Councillor Hiller has a conflict of interest as a Director of Medesham Homes. Therefore, the Leader has delegated the decision to Councillor David Seaton.
Publication date: 23/03/2020
Date of decision: 23/03/2020
Effective from: 27/03/2020