Decision Maker: Cabinet Member for Finance and Corporate Governance
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: Yes
The Cabinet Member is recommended to:
1. Approve the leasehold acquisition and reverse surrender premium of the lease dated 15 January 1970 between The Mayor Aldermen and Citizens of The City of Peterborough (Peterborough City Council) and the original tenant Currie Plant (Holdings) Limited
2. Peterborough City Council paying a reverse surrender premium of £175,000 exclusive of VAT plus Stamp Duty Land Tax (SDLT) and legal fees.
3. Approve a £20,000 budget to assist the Council in preparing the unit for market.
There are exempt appendices attached to this report that are NOT FOR PUBLICATION by reason of paragraph 3 of Schedule 12A of Part 1 of the Local Government Act 1972 because they contain information relating to the financial and business affairs the Council. The public interest test has been applied to the information contained within these exempt appendices and it is considered that the need to retain the information as exempt outweighs the public interest in disclosing it.
The purpose of the report is to approve the leasehold acquisition and reverse surrender premium of ground lease known as 4 Royce Road, Peterborough as illustrated on the attached plan in Appendix 1 and further detailed in the sale particulars in Appendix 2.
This report is for the Cabinet Member to consider the Heads of Terms set out in Exempt Appendix 3 and to make ‘recommendationsto Council to agree to pay a reverse surrender premium of £175,000 exclusive of VAT to acquire the interest.
Exempt Appendix 4 sets out the detail of this transaction.
Full details are included in Exempt Appendix 4. However, the enhanced value to the Council and additional income outweighed the Council not paying proceeding with this transaction.
There were none.
There were none.
Publication date: 20/03/2023
Date of decision: 20/03/2023
Effective from: 24/03/2023