Decision details

11.1

The Executive Director, Place submitted a report in relation to the Milton Street/Parkway Close Property Exchange.

11.2

RESOLVED: That Cabinet:-

(a)

approves the proposals to exchange the properties at Milton Street and Parkway Close and lease back the Milton Street property on the terms set out in the report; and

(b)

delegates authority to the Director of Capital and Major Projects to negotiate the detailed terms of the transactions and to instruct the Director of Legal and Governance to complete such legal documentation as is necessary or appropriate to give effect to the transaction.

11.3

Reasons for Decision

11.3.1

Officers consider that acquiring Eye Witness Works and subsequently marketing it together with neighbouring Council owned land through a development brief will be a significant way in which to partially rebalance the City Centre housing market and enhance the regeneration of the Devonshire Quarter.

11.3.2

Exchanging this property for Council owned premises at Parkway Close will enable a high quality local manufacturing company to relocate to more suitable more modern premises. This should assist the future viability of that business and protect local jobs.

11.3.3

Allowing the company to remain in the existing premises under a temporary leaseback will minimise holding costs and reduce the risk to the Council.

11.4

Alternatives Considered and Rejected

11.4.1

The Council could simply sell the Parkway Close property on the open market and not do anything to assist Taylors Eye Witness Ltd to sell their property and hence relocate the business and protect jobs. This approach would not achieve any of the Council’s objectives in terms of either the Economic or Housing Strategies or the regeneration of the City Centre.

11.4.2

Officers have tried other initiatives to seek to help facilitate the redevelopment of Eye Witness Works by private developers but the proposals put forward have either been unacceptable in planning terms due to the amount of demolition of the listed building proposed or not been sufficiently valuable to enable the company to acquire new property and relocate.

11.5

Any Interest Declared or Dispensation Granted

None

11.6

Reason for Exemption if Public/Press Excluded During Consideration

None

11.7

Respective Director Responsible for Implementation

Simon Green, Executive Director, Place

11.8

Relevant Scrutiny and Policy Development Committee If Decision Called In

Economic and Environmental Wellbeing