URL: https://cabinet.leicester.gov.uk/ieDecisionDetails.aspx?ID=1499

Decision Maker: City Mayor (Individual Decision)

Outcome:

Is Key Decision?: No

Is Callable In?: Yes

Purpose: To seek approval to enter into a land exchange agreement with Rakal Ltd involving land it owns land at Midland Street / Southampton Street and land the council owns at Queen Street/Southampton Street. See Plan 1 attached in the report. The Council will make a balancing payment to reflect the higher land value of the Rakal site.

Content: To seek approval to enter into a land exchange agreement with Rakal Ltd involving land it owns land at Midland Street / Southampton Street and land the council owns at Queen Street/Southampton Street. See Plan 1 attached in the report. The Council will make a balancing payment to reflect the higher land value of the Rakal site. To approve the Council entering the land exchange arrangement by acquiring the freehold of Plot A from Rakal Ltd in exchange for the freehold of Plot B to Rakal Ltd, as indicated in Plan 1, on terms set out in this report.    To note the estimated cost of £400k of the exchange, including the balancing payment, SDLT and legal / survey work, financed from budgets within the approved General Fund capital programme (£265k from ‘Land South of Phoenix’ and £135k from CDN Feasibilities). To enable regeneration in the Cultural Quarter. Not exchanging properties

Date of Decision: November 26, 2025