Purpose

This report recommends that the Council’s freehold interest in the property is to be offered for sale by way of public auction which will be conducted by Lambert Smith Hampton (LSH) on 25th February 2026.

Delegated authority to take this decision was granted by Cabinet on 22 February 2023 (SC/2023/29) to the Executive Director Supporting Communities. Since then, organisational changes have resulted in the disbanding of the Supporting Communities Directorate and the creation of two new directorates: Investment, Place and Opportunity, and Homes and Communities. Responsibility for this delegated decision now sits with the Executive Director Homes and Communities.

Decision

THAT the Executive Director Homes and Communities, following consultation with the Interim Executive Director Corporate Services, the Cabinet Member for New Homes Jobs and Community Investment, the Cabinet Member for Finance and Cost of Living, the Cabinet Member for Better Homes, the Interim Director of Development, the Head of Property and the Borough Solicitor, is asked to:

1. Agree that 219a Belsize Road will be offered for sale at auction with a minimum reserve price set at a level agreed with Lambert Smith Hampton.
2. Note that should the final bid made in the auction process be above the reserve level set prior, that the sale contract will be immediately exchanged with the purchaser. The Council will then be legally bound to complete the sale at that figure, within a set time frame.
3. Agree to delegate powers to authorise execution of the sale documents to the Director of Development in consultation with the Head of Property.