Decision details

Cabinet considered the report and RESOLVED to:

1.     Approves the disposal of the former TK Maxx andNew Look Building, 62-68 Bridge Street. 

2.     Delegates authority to the Executive Director for Place and Economy, in consultation with the Executive Director for Corporate Services, the Director of Law and Governance, and the Cabinet Member for Legal, Finance and Corporate Services to take all necessary steps to facilitate the decision in Recommendation 1, including approving the final terms of acquisition and entering into any necessary agreements. 

The recommendation is put forward to seek approval to dispose of the Property and to be able to take all necessary steps to facilitate that disposal includingnegotiating with third parties. 

The receipts from the sale are intended to be recycled into the Towns Fund programme and the current financial liabilities associated with holding the building will be extinguished. 

The currently unoccupied building/site will either be occupied or re-purposed and therefore contribute to the animation of Bridge Street. 

To do nothing– This option was discounted as the building is currently unoccupied and therefore a blight on the physical environment. There is also grant funding tied up in the building that needs to be recovered and recycled. The holding costs for the building are also a financial liability. 

None.

The Towns Fund Vine Summary Document and grant conditions form part of the background documents to this report.