Issue details

This report recommends the freehold sale of Cavendish Square car park and Gardens to developer Reef Group..  A disposal also provides the opportunity to capitalise on Reef who are an invested purchaser, willing to pay a significant premium to the book value. The proceeds received would significantly benefit the Council’s capital programme and would would enable Reef to finance a significant healthcare development at the car park.  The development would ensure Reef’s £12m contribution via s.106 to Cavendish Square public realm and Oxford Street works, seen significant employment creation and a significant increase in business rates payable from a completed scheme.