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Issue details

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