This report recommends the freehold sale of Cavendish Square car park and Gardens to developer Reef Group.. A disposal also provides the opportunity to capitalise on Reef who are an invested purchaser, willing to pay a significant premium to the book value. The proceeds received would significantly benefit the Council’s capital programme and would would enable Reef to finance a significant healthcare development at the car park. The development would ensure Reef’s £12m contribution via s.106 to Cavendish Square public realm and Oxford Street works, seen significant employment creation and a significant increase in business rates payable from a completed scheme.
Decision type: Key
Reason Key: Significant expenditure/savings;
Decision status: For Determination
Wards affected: West End;
Notice of proposed decision first published: 05/04/2024
Decision due: Not before 7th May 2024 by Cabinet
Lead director: Executive Director of Finances and Resources
Department: Finance and Resources
Contact: Sarah-Jayne Hurst, Senior Investment Manager Email: shurst@westminster.gov.uk.