That the Executive Head of Assets and Business Services, in consultation with the Chief Executive of the TDA be authorised to:

(i)            accept a surrender of the YMCA’s 99 year lease dated 26^th March 1968 of land at Dartmouth Road, Paignton; and

(ii)          dispose of the freehold interest of the site used by the YMCA at Dartmouth Road as shown on Plan EM3130 for the sum of £4,000 to the YMCA.

To provide the YMCA with sufficient security so that they are able to replace the existing dilapidated buildings on the site, expanding the services they offer to the community.

None

This decision will come into force and may be implemented on 14 August 2018 unless the call-in procedure is triggered (as set out in Standing Orders in relation to Overview and Scrutiny).

The Council has been approached by the YMCA to dispose of the Freehold of the land shown on Plan EM3130, to enable them to make improvements to the site and facilities they offer.

The majority of the value of the site is held within the long lease currently held by the YMCA as determined by the independent valuation by District Valuer Services (DVS).  There is no opportunity for the Council to derive an income from the site.  Therefore this disposal has been deemed to be at market value in accordance with the Councils Corporate Asset Management Strategy.  The transaction will be subject to a restricted use clause and other conditions to ensure that the Council will benefit from any future uplift in value of the site.

None