Agenda item

11.1

The Head of Regeneration and Property Services submitted a report proposing the disposal of freehold land at Cotton Mill Row, Kelham Island, Sheffield, S3 on a private treaty basis, on the terms set out in the Appendix to the report, for the development of a high-density residential led mixed use scheme.

11.2

As the land had not been subject to a competitive marketing process and consideration to be received by the Council would exceed £300k, the report sought approval of the Finance Committee to dispose of the Land.

11.3

RESOLVED UNANIMOUSLY: That Finance Committee approves the freehold sale of the Land on the terms set out in the Appendix 3.

11.4

Reasons for Decision

11.4.1

The intended outcome of the proposal is to deliver new residential accommodation within the city centre and repurpose vacant and redundant commercial sites where older buildings are inefficient and would benefit from redevelopment.

11.4.2

The development proposals will help attract additional footfall which will be of benefit to the city centre. The disposal will also deliver a significant capital receipt, increased Council Tax revenue and CIL contribution for the Council.

11.4.3

The proposals will deliver the economic and financial benefits as outlined within this report.

11.5

Alternatives Considered and Rejected

11.5.1

The Council could do nothing; this may result in the Land remaining vacant for several more years and would not contribute to the Council’s aspirations to see the Kelham Island area regenerated. This could also have a negative impact on the future use of the Land.

11.5.2

The Council could offer the Land for sale in the open market; this may result in a disposal and subsequent development, but in isolation, due to its small size, the Land would be limited in terms of future development potential, and it is considered that a sale would generate a lower capital receipt for the Council as a result.