Decision details

To seek approval for the exchange of properties with a private owner in order to bring forward the marketing and sale of a derelict riverside property on the edge of the city centre.

(i) That the Cabinet Member for Finance and Resources approves the proposals to enter into the exchange of properties on the terms set out in this report; and

(ii) that the Director of Legal and Governance be authorised  to complete such legal documentation as she considers necessary or appropriate in connection with this transaction on such terms as she may agree to give effect to the proposals set out in this report and generally to protect the Council’s interests  

The proposed exchange will enable the Council to bring forward a prominent riverside site for redevelopment which will add to the regeneration of the Wicker Riverside area and also strengthen the links between Kelham Island to new activities proposed for Castlegate.

The proposed exchange will result in the Council achieving a higher value for its property at Nursery St than if it was to just seek to sell the property that it currently owns in isolation.

Whilst the derelict privately owned building has very recently been demolished this was done under emergency powers and there remains a lot of rubble and material on the site which continues to be unsightly. Completion of the proposals outlined in this report and marketing next year will ensure that the site is redeveloped.

The Council could seek to dispose of the properties which it owns on the open market in isolation rather than combine the interests but to do would almost certainly result in achieving a lower value.

The Council could seek to acquire the Nursery St property through a compulsory purchase order. Whilst that could be achieved, it would take longer than the proposed exchange and could very well be a more expensive option.