Agenda item

Report of the City Surveyor.

The Committee considered a report of the City Surveyor seeking approval to declare a portion of City Fund freehold land/subsoil (421 sq. ft.) and a volume of airspace (741 sq. ft.) situated around 50 Fenchurch Street, EC3M 3JY to be surplus to highway requirements to allow its disposal in conjunction with the permitted development.

A Member stated that she understood that airspace above the streets could have a value in places such as New York and questioned whether the City also placed a value on this and, if so, whether this was a standard value or one which changed according to location. Officers reported that they did seek best value from the developer for highway transactions but that there was no fixed rate applied. Officers looked at individual schemes and site rates – if this involved airspace only then it was slightly discounted but, where land was required,  a full site rate was charged. Officers undertook to provide greater detail on this outside of the meeting to those Members who would like it. The Chair highlighted that it would be for the Corporate Asset Sub and Finance Committees to look at the financial implications of this matter as detailed at paragraph 15 of the report.

RESOLVED – That Members:

·         Resolve to declare a volume of City Fund land (held for highway purposes) measuring a total of 421 sq. ft. situated around 50 Fenchurch Street, EC3M, to be surplus to highway requirements to enable its disposal upon terms to be approved by the Corporate Asset Sub Committee and Finance Committee.

·         Resolve to declare a volume of City Fund airspace (held for highway purposes) measuring a total of 741 sq. ft. situated around 50 Fenchurch Street, EC3M, to be surplus to highway requirements to enable its disposal upon terms to be approved by the Corporate Asset Sub and Finance Committee, subject to the vertical extent of the airspace being first agreed by the Deputy Director of Transportation and Public Realm.

·         Delegate authority to the City Surveyor and the Deputy Director of Transportation and Public Realm to determine the relevant ordnance datum levels to suitably restrict the vertical extent of the leasehold airspace demise.