Agenda item

To consider a report of the Borough Treasurer and the Corporate Director for Place Management and Regeneration

The report seeks approval to the acquisition of the former BHS store in the Merseyway precinct, identified as a key strategic asset by the Cabinet in December 2017.

(NOTE: Appendices 2-7 inclusive contain information ‘not for publication’ by virtue of Category 3 ‘Information relating to the financial or business affairs of any particular person (including the authority)’ that has been circulated to Members of the Scrutiny Committee only).

The Scrutiny Committee is invited to comment on the report.

Officer Contact: Paul Richards on 0161 474 2940 or email: paul.richards@stockport.gov.uk

The Corporate Director for Place Management and Regeneration submitted a report of the Borough Treasurer and the Corporate Director for Place Management and Regeneration (copies of which had been circulated) regarding a report which sought the approval of the Cabinet to acquire the former BHS store in the Merseyway precinct, identified as a key strategic asset by the Cabinet in December 2017.

(Note: the report contained information ‘not for publication’ in its appendices that had been circulated to Members of the Scrutiny Committee only).

In addition, the Director of Development and Regeneration made a presentation regarding a proposal for the Council to support the acquisition and redevelopment of another key property in the Merseyway precinct as part of the Council’s overall strategic approach agreed in November 2018.

The Cabinet Member for Economy and Regeneration (Councillor Kate Butler) attended the meeting to respond to Members’ questions.

RESOLVED – (1) That the report be noted.

(2) That the Cabinet be requested to approve delegated authority to the Corporate Director for Place Management and Regeneration and the Borough Treasurer, in consultation with the Leader of the Council and the Cabinet Member for Economy and Regeneration, to:-

• acquire the former BHS store at a price up to the valuation set out in Appendix 5 to the report which contains exempt information.
• agree the optimum means to hold and manage the asset (together as appropriate with other Council assets)
• authorise the Strategic Head of Legal, Democratic Governance and Estate & Asset Management to take such other steps as are appropriate and necessary to secure the acquisition and ongoing management and regeneration of the asset.

(3) That the presentation on the proposal for the Council to support the acquisition and redevelopment of another key property in the Merseyway precinct be noted.