Decision details

The Cabinet Member:

1.    Delegated authority to the Corporate Director Resources to dispose of the land and buildings at London Road to London Road Peterborough Properties Ltd in accordance with the Heads of Terms agreed on 10 February 2021.

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 Corporate Director, Resources;

3.    Approved the write off of the rent and associated leasing charges from 1^st April 2020 and approve the forgiveness of the interest chargeable on the outstanding balance.

L E A D E R   C O N S U L T A T I O N

The Leader of the Council has been consulted and supports the sale and signed the initial heads of terms on 10 February 2021

The attached report/background information is NOT FOR PUBLICATION in accordance with paragraph 3 of Schedule 12A of Part 1 of the Local Government Act 1972 in that it contains information relating to commercially sensitive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 London Road End 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 new majority owners of PUFC expressed an interest in purchasing the stadium and talks have progressed with these new owners over the last two years.  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.

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 delay the capital receipt for the Council into the following financial year 2021/22.

None.

None.