To consider the report of the Director of City Development that follows on from the reports presented to Executive Board in September and October 2020 regarding the approach to Estate Realisation and generating Capital Receipts. This report provides more details of the proposed next tranche of accelerated disposal properties which are targeting February auction dates, as well as properties being considered for release as part of phase 1 of the Core Office Review, and other vacant or void properties under review.
(Please note: Appendices 2 and 3 to this report are designated as being exempt from publication under the provisions of Access to Information Procedure Rule 10.4(3)).
Further to Minute No. 69, 21st October 2020, the Director of City Development submitted a report regarding the Council’s approach towards Estate Rationalisation and generating Capital Receipts. The submitted report provided more details of the proposed next tranche of accelerated disposal properties which were targeting February 2021 auction dates, as well as properties being considered for release as part of phase 1 of the Core Office Review, and other vacant or void properties under review.
As part of the introduction to the report, the Board was made aware of correspondence which had been received relating to some of the proposals detailed.
A Member highlighted the importance of ensuring that local Ward Councillors were briefed and consulted at an early stage as part of any proposals regarding property disposal. In response, it was undertaken that further liaison would be had with the Member in question about the timing of Ward Councillor consultation, especially in instances where proposals were not yet in the public domain.
Regarding the proposal in the submitted report on the disposal of four industrial units at Logic Leeds, in considering this specific proposal, a Member highlighted how in terms of the Council’s overall approach to such matters, the correct balance needed to be struck between keeping and disposing of properties with an income stream, in order to maximise the benefit for the Council. Discussion was also had around a specific tenant which rented premises at the Logic Leeds site.
Following consideration of Appendices 2 and 3 to the submitted report designated as being exempt from publication under the provisions of Access to Information Procedure Rule 10.4(3), which were considered in private at the conclusion of the public part of the meeting, it was
(a) That the accelerated disposal of property, as set out in Table 3.1 of the submitted report, which have already been agreed as part of the Capital Receipt Programme, be supported;
(b) That agreement be given to progress the disposal of four industrial units at Logic Leeds from the Council’s investment portfolio following the completion of the final letting, with the details, as set out in exempt Appendix 2 to the submitted report, being noted. Also, that subject to the value of the offers received and subject to both Councillors Carter and Golton being briefed on such matters prior to any final decision being taken, agreement be given for the final decision to sell to be delegated to the Director of City Development in consultation with the Executive Member for Resources;
(c) That the recent work undertaken by Kirkstall Valley Development Trust at Abbey Mills, be noted, and that agreement be given to the property being disposed of by formal tender;
(d) That the progression of work to vacate and release those properties set out in exempt Appendix 3 to the submitted report, which are included within phase 1 of the Core Office Review, be supported;
(e) That it be noted that the proposed disposal of properties, as set out in exempt appendix 3 to the submitted report, will be the subject of future reports seeking approval for disposal;
(f) That it be noted that the disposal of properties and identifying the strategic approach towards the Council’s estate is the responsibility of the Director for City Development.