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To instruct relevant officers to finalise the
sale of the Council’s share in the freehold company and the
leasehold interest in the building.

Reasons for the decision

In accordance with the Asset
Management Strategy to dispose of property that has limited or nil
prospects in Council ownership. To disinvest properties that do not
meet the criteria of the Commercial Property Investment Strategy.
It should be noted this is an ‘out of area’ sale and
therefore has no impact on the local economy.
 

Alternative options considered

Officers did consider the following options as
part of its review, as follows:

Retention of the asset but the
holding costs are punitive, and would strain the revenue
budget.
Re letting as an office, however
this would not cover costs and due to market conditions would take
a long period of time, whilst neighbours with shared car parking
are populating other buildings with domestic properties which would
further inhibit the use as offices.
Refitting of the office to meet
current market requirements and meet MEES energy requirements,
however this would be punitive and cost more than the potential
upside of the suggested sale.