Disposal of Various Industrial Estates and Ground Leases to PSP Gateshead LLP
Report of the Strategic Director, Corporate Services and Governance
Minutes:
Consideration has been given to the disposal of various estates and ground leases to PSP Gateshead LLP for onwards sale on the open market.
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RESOLVED - |
(i) That the Chief Executive be authorised, following consultation with the Leader of the Council, to approve the disposal of the Council’s interests in the assets, listed in the report, to PSP Gateshead LLP.
(ii) That the Strategic Director, Corporate Services and Governance be authorised, in consultation with the Strategic Director, Corporate Resources, to agree the details of the transfer. |
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The above decisions have been made for the following reasons:
(A) To generate a capital receipt.
(B) To enable the LLP to commence trading of the Council’s Tenanted Non-Residential Portfolio assets to reposition the portfolio with assets of greater value.