Purpose

To seek approval to dispoose of a parcel of
land within the General Fund in order to raise a capital
receipt

Content

RESOLVED

That
the Cabinet:

a)            
considered
the options as set out in section 5 and approve option 3 as
detailed in Section 5.3 of report FIN/681.

 
b)            
delegates
authority to the Head of Corporate Finance in consultation with the
Leader of the Council to approve the sale of the land on the site
in order to achieve the preferred outcome as detailed in sections
5.3 and 6.3 of report FIN/681, and
accept the outcome of the land receipt.
(Generic Delegation 7
will be used to enact this recommendation).

 

 
c)            
delegates the negotiation, approval
and completion of all relevant documentation,
including legal paperwork to the Commercial Asset
Manager.

(Generic Delegations 2
and 3 will be used to enact this
recommendation) 

Reasons for the Recommendations
 

The Council’s Capital Strategy, as approved by
Budget Council 21 February 2024,
FIN/642, sets out the
objectives of the effective and efficient management of the
Council’s property assets.  This
includes consideration of disposal of assets that no longer support
the corporate objectives or deliver value for money. 
 

Any disposal by way of sale should realise best
value achievable.  The disposal of this
land asset provides an opportunity to obtain an above market value
price for the land.