The Executive Director of Economic Growth and Neighbourhood Services submitted a report on a revised offer from the preferred bidder for the vacant former Central Club building.

The report explained that, as a result of changes to market conditions being experienced everywhere as a result of the Covid-19 pandemic and following pre-planning application discussions, the preferred bidder had amended the scope of its initial scheme and subsequently revised its initial offer for the site.  Following an appraisal of the options facing the Council, and having taken the advice of an external valuer to ensure compliance with section 123 of the Local Government Act 1972 in relation to Best Consideration, the recommendation was to accept the revised bid in the light of the changed market conditions and circumstances since the original bid had been submitted.

Resolved –

That the preferred bidder’s revised bid for the Central Club be accepted and the Executive Director of Economic Growth & Neighbourhood Services, in consultation with the Leader of the Council, be authorised to finalise the terms of the agreement.

(Exempt information as defined in paragraph 3)