Issue - meetings

To consider a joint report of the Executive Councillors (Finance) and (Regeneration)

(Note: this report includes information ‘Not for Publication’ contained within its appendices which have been circulated to executive councillors only)

The report seeks authority from the Executive to acquire the long leasehold interest in the land and property at Wellington Road North and Princes Street Stockport (Debenhams store), subject to a final valuation and the outcome of a comprehensive due diligence exercise, as part of one of the Council’s priority of furthering the regeneration of Stockport Town Centre.

The Executive is recommended to:

·         Approve the acquisition of the long leasehold interest in the property at Wellington Road North and Princes Street, Stockport.

·         Authorise the Corporate Director, Services to Place and the Corporate Director, Corporate and Support Services in consultation with the Executive Councillors (Finance) and (Regeneration) to settle the final terms of the agreement subject to a positive outcome to the final valuation and any outstanding due diligence.

Officer contact: Barry Khan/ Paul Lawrence 0161 474 3202/ 218 1940 barry.khan@stockport.gov.uk / paul.lawrence@stockport.gov.uk

The Executive Councillors (Regeneration) and (Finance) submitted a report (copies of which had been circulated) inviting the Executive Meeting to consider a proposal for the Council to acquire the long leasehold interest in the land and property at Wellington Road North and Princes Street, Stockport (Debenhams store) as part of one of the Council’s priorities of furthering the regeneration of Stockport Town Centre.

(Note: this report included information ‘Not for Publication’ contained within its appendices which had been circulated to executive councillors only)

The Leader of the Council reiterated that the proposal would not be at a cost to the residents of Stockport as the rental income from the property would cover the Prudential Borrowing costs needed to acquire the leasehold.

RESOLVED – That

·         approval be given to the acquisition of the long leasehold interest in the property at Wellington Road North and Princes Street, Stockport

·         Corporate Director of Place and the Corporate Director for Corporate and Support Services, in consultation with the Executive Councillors (Finance) and (Regeneration), be authorised to settle the final terms of the agreement subject to a positive outcome of the final valuation and any outstanding due diligence.