Issue details

Sale of the freehold of the London Road Stadium and the Allia Business Centre - KEY/12OCT20/01

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 1st 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The attached report/background information is NOT FOR PUBLICATION in accordance with paragraph 3 of Schedule 12A of Part 1 of the Local Government Act 1972 in that it contains information relating to commercially sensitive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.


Decision type: Key

Reason Key: Expenditure or savings greater than £500,000;

Decision status: Recommendations Approved

Wards affected: Fletton and Stanground;

Notice of proposed decision first published: 11/09/2020

Anticipated restriction: Part exempt  - View reasons

Explanation of anticipated restriction:
The decision will include an exempt annexe. By virtue of paragraph 3, information relating to the financial or business affairs of any particular person (including the authority holding that information).

Decision due: Not before 22nd Mar 2021 by Cabinet Member for Strategic Planning and Commercial Strategy and Investments

Lead member: Councillor Peter Hiller

Lead director: Acting Corporate Director for Resources

Department: Corporate Services

Contact: Peter Carpenter, Acting Corporate Director Resources Tel: 01733 452520, Email: Tel: 07920 160122.

Consultation process

Relevant internal and external stakeholders.

Relevant Scrutiny Committee: Growth, Environment and Resources Scrutiny Committee