Issue - meetings

To approve the disposal of the council’s freehold interest in 184-188 Southampton Way, 5a Havil Street and part of Beacon House Estate for residential purposes to Family Mosaic housing association.

RESOLVED:

1.  That the disposal of the council’s freehold interest in 184-188 Southampton Way, 5a Havil Street and part of Beacon House Estate (“the site”) for residential purposes on the following terms and conditions be approved:

(a)  Legal interest - building lease convertable to freehold transferred upon practical completion of proposed development

(b)  That the disposal is subject to obtaining planning consent for either of the two proposed schemes where the council can share in any profits from either of the proposed schemes

(c)  That the disposal is subject to the council providing vacant possession of the land

(d)  Fees - the purchaser has agreed to pay a contribution towards the council’s reasonable legal and surveying fees.

2.  That the head of property be authorised to agree any variations to these terms or vary the extent of the boundary that may be necessary to achieve the successful regeneration of land comprising Southampton Way, Havil Street and part of the Beacon House Estate.

3.  That in the unlikely event that this recommended sale does not proceed to exchange of contracts, the head of property be authorised to agree the terms of a sale with any one or combination of the under bidders set out in the closed report and/or any other third party.  

4.  That as approximately 16% of the capital receipt from the sale of the site is housing land, that this be recycled into the housing investment programme.