Decision details

Summary of Decision:

The Cabinet Member has approved the disposal of 1, St Mary’s Terrace to Mouskos LLP, for the sum not less than £3,600,000 to the preferred bidder as set out in the exempt Appendix 1.

Reason for Decision:

Following recommendation by Strategic Property Board in July 2021 and a Cabinet Member briefing on 21 March 2022, the Council’s Head of Capital Programmes appointed an agent (Knight Frank LLP) to promote a disposal on the open market.

A guide price of offers above £3 million was stipulated with initial offers received on the 1 June 2022.  Following further review and briefing to the Cabinet Member on the 29 June 2022, BAFOs were received on the 4 July 2022.  This decision will generate a capital receipt which was not foreseen in the Council Capital Strategy at the time of the March 2022 Full Council report.