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Executive (I)
Wednesday, 11th July, 2012

REPORT TO:50
DECISION NUMBER:PH/77/2012
EARLIEST DATE FOR DECISION:11th July 2012

FORECOURT AT THE OLD BANK, 35 WARLEY ROAD BLACKPOOL
Matter for Consideration:
To consider the proposed disposal of the forecourt at The Old Bank, 35 Warley Road Blackpool.
Information:
The Council is in discussions with a local development company to redevelop a redundant area of Dickson Road. As part of the redevelopment the Council has been asked to dispose of the forecourt at 35 Warley Road.

The current owner of the premises has been in talks with developers to develop the land for commercial use and as part of the scheme they require the use of the forecourt for development, which is in Council ownership.

It is intended to grant a long leasehold interest of the forecourt for development. The Ground Lease will then be added to the Council’s Investment Portfolio, providing a regular income for the Council.

Does the information submitted include any exempt information?NO
Legal Considerations:
An Agreement for Lease will be entered into with the developers as soon as reasonably practicable. The Council will proceed with a Highway Stopping Up Order once the Agreement for Lease has been entered into (and therefore after the granting of planning permission). The Agreement for Lease will be completed once planning permission has been granted.
Personnel Considerations:
None
Financial Considerations:
It is proposed to enter into a 125 year lease with five yearly rent reviews at Market Rent. The proposed rental provisionally agreed by the Head of Property and Asset Management meets the best consideration provisions. The costs of any Highway Stopping Up Order will be met by the developers.
Performance Management Considerations:
The disposal of the Forecourt for 125 years will produce a secure long term return with minimum Estate Management.
Risk Management Considerations:
The lease will be completed provided the developer can secure the necessary Planning Permission. Should permission not be granted the Agreement for Lease will terminate.
Relevant Officer:
Carl Baker, Assistant Chief Executive, Organisation, Property and ICT
Relevant Cabinet Member:
Councillor S. Blackburn
Consultation Undertaken:
The necessary internal consultation has taken place with the Head of Legal Services, Head of Property and Asset Management and the Corporate Asset Management Group.
Background Papers:
None
Is this a key decision?NO
Is the decision required in less than 5 days?NO
Recommendations:
To proceed with disposal of the forecourt for a long leasehold interest, on the terms as indicated. To authorise the Head of Legal Services to proceed with preparing an agreement for lease and a highway stopping up order.
Reasons for Recommendations:
The forecourt is required for the future redevelopment of the area and the disposal meets best consideration.
Is the recommendation contrary to a plan or strategy adopted or approved by the Council?NO
Is the recommendation in accordance with the Council’s approved Budget?YES
Other alternative options to be considered:
None.
Policy, Overview, and Scrutiny Committee Chairman (where appropriate)
Date Informed: N/A
Date Approved: N/A
DECLARATION(S) OF INTEREST (if applicable)
None
Decision:
The Cabinet Member agreed the recommendation as outlined above namely: 1. To proceed with disposal of the forecourt for a long leasehold interest, on the terms as indicated. 2. To authorise the Head of Legal Services to proceed with preparing an agreement for lease and a highway stopping up order.
Date:11th July 2012
Reason for Decision:
The forecourt is required for the future redevelopment of the area and the disposal meets best consideration.

Date of Publication:		11th July 2012


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