Sale of Freehold Interest in Dunston Inn, Dunston Lane, Chesterfield (G260L)
Decision:
2.1 That Cabinet Member approves the agreed sale price for the Council’s interest on the terms set out in this report.
2.2 That the Property Procurement and Contracts Law Manager be granted delegated authority to agree any late amendments to the sale.
3.0 Reason for recommendations
3.1 The Council’s interest is subject to a long-term ground lease that does not provide for a rent review and therefore has no opportunity for rental growth for the remained of the lease term.
3.2 A sale will realise a capital receipt based on the marriage value of the Council’s interest and the leaseholders’ interest together with payment of the Council’s professional fees. The receipt will be credited to the General Fund Account.