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Wilson Street, St. Pauls Car Park Disposal
Wilson Street car park is a council owned
property which is let to Pediment Investments Ltd who are a small
private property company. The property was let for a term of 125
years from 4.11.1983 (84 years unexpired) at an initial rent of
£2,300pa. The rent is subject to five yearly review and at
the last completed review in 2018 the rent was increased from
£4,300pa to at £5,887 pa. The site area is 0.1 acre and
the site is used as car parking for the adjacent residential block
which is owned freehold by Pediment Investments Ltd .
A sale is recommended for the following reasons:
- The wording of the rent review clause limits the scope for future
significant rental growth over the next 84 years.
- The price includes an overbid to reflect the fact that the tenant
is a special purchaser as they are both the tenant and the
adjoining owner. A special purchaser is a particular buyer for whom
a particular asset has a special value because of advantages
arising from its ownership that would not be available to other
buyers in a market.
- The price also reflects the potential development value of the
land in conjunction with the tenants’ adjoining
property.
- The Council has responsibility for repair of a rear boundary wall
and this future cost and liability would be removed by the sale of
the land.
- The land could not be used by the Council for any alternative use
for the next 84 years, due to the existing lease to Pediment.
Decision type: Non-key
Decision status: Recommendations Approved
Notice of proposed decision first published: 30/01/2025
Decision due: 24 Jan 2025 by Director: Property, Assets and Infrastructure
Lead member: Councillor Tony Dyer, Leader of the Council & Chair of the Strategy and Resources Committee Cllr.Tony.Dyer@bristol.gov.uk
Contact: Pete Anderson, Director: Property, Assets and Infrastructure Email: peter.anderson@bristol.gov.uk.
Decisions
- 30/01/2025 - Wilson Street, St. Pauls Car Park Disposal