Corn Hill car park acquisition
[To endorse the principle of the Council bidding on the Corn Hill site]
Decision:
1. That the principle of the Council bidding on the Corn Hill site based on its strategic importance in the context of the Interchange masterplan be endorsed.
2. That authority be delegated to the Cabinet Members for City Economy and Resources in consultation with the Strategic Director for Place and the Director of Finance to approve the full business case for submitting a bid subject to ongoing due diligence.
Minutes:
Cllr John Reynolds sought approval to the principle of making an offer for the acquisition of the 0.50 ha Corn Hill Car Park (formerly the Royal Mail sorting office) to the south of the multi-storey car park at Interchange subject to undertaking further due diligence to support a detailed business case. The site had recently been put on the market and there was an urgency to seek approval before the deadline imposed by the vendor. The site was allocated in the City Centre Area Action Plan (AAP) as part of the Interchange development masterplan for office-led mixed use. The masterplan for the Corn Hill site suggested in the region of 150,000sq ft accommodation could be provided creating approximately 820 jobs.
Resolved:
1. That the principle of the Council bidding on the Corn Hill site based on its strategic importance in the context of the Interchange masterplan be endorsed.
2. That authority be delegated to the Cabinet Members for City Economy and Resources in consultation with the Strategic Director for Place and the Director of Finance to approve the full business case for submitting a bid subject to ongoing due diligence.