Decision details

To consider the report of the Cabinet Member for Resources seeking the disposal of  part 164-176 Above Bar Street for a mixed use refurbishment/development scheme

NOTE: Elements of this report may be considered exempt from public distribution.

(i)  to approve the disposal of 164- 176 Above Bar Street to the recommended bidder on the basis set out in Bid B in Confidential Appendix 1and to delegate authority to Head of Property, Procurement and Contract Management to negotiate final terms of disposal.

(ii)  that the Head of Legal, HR & Democratic Services be authorised to enter into any necessary legal documentation to effect the disposal

1. The marketing of the properties for development or refurbishment has proved successful and offers from several interested parties have been received. Interest from developers prepared to provide an element of space suitable for use by the creative industries has been encouraged. The detail and officer evaluation of all offers received is attached in the schedule at ConfidentialAppendix 1.

2. The best scoring bid is B. The recommended bidder intends to refurbish the upper floor space to provide at least 2500 square metres of creative industry orientated innovation space, focussing on arts and digital media, with public access via an arts branded foyer within unit 176.

The proposal has the following benefits:

  i.  a deliverable scheme proposal providing an early capital receipt to the Council;

  ii.  refurbishment and improvements to the currently vacant buildings including the animation of the 176 Above Bar Street frontage;

  iii.  the provision of space suitable for innovation/creative industry/arts and digital media uses complementary to the New Arts Complex and the wider Cultural Quarter;

  iv.  potential for 300 additional jobs/employment opportunities in the creative industries;

  v.  sustainable transport opportunities for occupiers through provision of cycle storage within the building;

  vi.  additional business rates.

1. Not disposing of the properties and risking the associated future revenue and capital liabilities and leave empty properties in need of refurbishment which would not complement the regeneration of the cultural quarter.
2. Recommending acceptance of a worse scoring offer which produces either a smaller capital receipt, does not provide opportunities to integrate arts uses/provide creative industry space and jobs or runs a greater risk of not being delivered.