Decision Maker: Director of Finance, Policy and Development (Section 151 Officer)
Decision status: Decision Made
Is Key decision?: No
Is subject to call in?: Yes
The Council is looking to dispose of a flying freehold interest which is situated at first floor level from an investment that was purchased in December 2016. This part of the building is inaccessible and poses a maintenance liability for the Council. The value of this part of the building has been considered and has been calculated at nil consideration as the flying freehold interest is a blight on the Council’s investment and may lead to the Council having to undertake a significant amount of maintenance works in the future.
RESOLVED – That the recommendations set out in the exempt report be agreed.
The flying freehold area has no value in the market place and only represents a potential liability to the Title. Removal of this flying freehold from the Title will enhance the investment value of the Council’s property and reduce all future maintenance costs in relation to that area.
Do nothing – This would result in increased maintenance costs for the Council and reduces the investment value.
No conflicts of interest were declared by any Member who was consulted in respect of this decision.
Publication date: 27/07/2021
Date of decision: 27/07/2021
Effective from: 04/08/2021