Purpose

Disposal of Property Asset at Lister Road

Decision

To approve the disposal of the asset at Lister
Road subject to confirmation of best value through a Section 123
valuation.

Reasons for the decision

To secure a certain capital receipt in a
volatile market, avoid future refurbishment costs and letting
risks, and enable redeployment of capital toward strategic
priorities such as infrastructure and regeneration projects.

Alternative options considered

Re-letting the property was considered but
rejected due to the required capital expenditure, letting risks,
and a lower risk-adjusted valuation compared to the sale offer.
 
An alternative leisure use offer at a lower
rent was also considered less attractive than the capital
receipt.