Issue - meetings

Purpose.

This report sets out the opportunity to assemble and redevelop land west of Cosham District Centre High Street through a series of property transactions with its public sector partners.

Land assembled through the proposed transactions, together with the council's existing property interests, will create the opportunity to masterplan the Western Central corridor of the Cosham District in partnership with community service providers to create significant high quality development and growth that supports the centre's vitality and viability.

The report seeks authority for disposal and acquisition of sites to facilitate the future redevelopment of the Cosham District.

RECOMMENDED that the Cabinet:

Approves and authorises that:

1.    Subject to the approval and successful negotiation of recommendations 2.2 and 2.3 the Freehold of the land known as Portsmouth Craft and Manufacturing Industries (PCMI), 85 Northern Road, Cosham, Portsmouth PO6 3EP as shown edged red on the plan at Appendix A and forming part of title PM24912 be sold freehold to the acquiring party (for the consideration outlined confidentially in Appendix B).

2.    The Freehold of the land known as Cosham Fire Station, Wayte Street, Cosham, Portsmouth PO6 3BS as shown edged red on the plan at Appendix C and forming part of title PM35957 and PM37047 be acquired by Portsmouth City Council (for the consideration set out confidentially in Appendix D).

3.    The freehold of land known as Cosham Police Station, Wayte Street, Cosham, Portsmouth PO6 3BS as shown edged red on the plan at Appendix E and forming part of title PM13256 be acquired by Portsmouth City Council (for the consideration set out in confidential Appendix F.)

4.    The Director of Regeneration and City Solicitor be authorised to finalise negotiations, prepare and complete the necessary documentation in line with the intent of the Heads of Terms, to appoint a third party solicitor and to complete all necessary documentation in order to undertake 1, 2 & 3 above.

And that the Cabinet recommends to City Council that:

5.    Authority is delegated to the Director of Finance and Section 151 Officer in consultation with the Leader of the Council to allocate all proceeds of the sale of PCMI, (85 Northern Road) to be used to acquire Cosham Fire Station and Cosham Police Station and that any surplus proceeds remaining are used to bring forward the development opportunity.

This report that was originally marked to follow was published on 26 January. 

DECISIONS

The Cabinet approved and authorised that:

1.    Subject to the approval and successful negotiation of recommendations 2.2 and 2.3 the Freehold of the land known as Portsmouth Craft and Manufacturing Industries (PCMI), 85 Northern Road, Cosham, Portsmouth PO6 3EP as shown edged red on the plan at Appendix A and forming part of title PM24912 be sold freehold to the acquiring party (for the consideration outlined confidentially in Appendix B).

2.    The Freehold of the land known as Cosham Fire Station, Wayte Street, Cosham, Portsmouth PO6 3BS as shown edged red on the plan at Appendix C and forming part of title PM35957 and PM37047 be acquired by Portsmouth City Council (for the consideration set out confidentially in Appendix D).

3.    The freehold of land known as Cosham Police Station, Wayte Street, Cosham, Portsmouth PO6 3BS as shown edged red on the plan at Appendix E and forming part of title PM13256 be acquired by Portsmouth City Council (for the consideration set out in confidential Appendix F.)

4.    The Director of Regeneration and City Solicitor be authorised to finalise negotiations, prepare and complete the necessary documentation in line with the intent of the Heads of Terms, to appoint a third party solicitor and to complete all necessary documentation in order to undertake 1, 2 & 3 above.

And that the Cabinet recommends to City Council that:

5.    Authority is delegated to the Director of Finance and Section 151 Officer in consultation with the Leader of the Council to allocate all proceeds of the sale of PCMI, (85 Northern Road) to be used to acquire Cosham Fire Station and Cosham Police Station and that any surplus proceeds remaining are used to bring forward the development opportunity.