Purpose

To seek approval to dispose of a property in
the General Fund in order to raise a capital receipt.

Content

Exempt Paragraph 3 – Information
relating to financial and business affairs of any particular person
(including the Authority holding that information)

 
RESOLVED

That the Cabinet:

a)          
approves the sale of the freehold interest in a Council owned asset
to the Option 1 bidder as detailed in sections 5.1 to 5.6 of report
FIN/701.

b)          
delegates authority to the Head of Corporate Finance in
consultation with the Leader of the Council to approve the sale of
the property in order to achieve the preferred outcome as detailed
in sections 5.1 to 5.6 of report FIN/701 to generate a capital
receipt.

c)          
delegates the negotiation, approval and completion of all relevant
legal documentation, to the Commercial Asset Manager, in
consultation with the Head of Governance, People and Performance
and the Head of Corporate Finance. (Generic Delegations 2 and 3
will be used to enact this recommendation) 

Reasons for the
Recommendations
 
Under the Asset Disposal policy contained in
the Capital Strategy, approved at Council on 26 February 2025,
the Council will review asset holdings and monitor performance to
determine whether there has been a change in the market, under
performance, obsolescence or whether the assets still meets the
needs of the Council in terms of delivering the corporate
priorities. If not, then an exit strategy may be triggered in the
event that the asset no longer fulfils its intended purpose or no
longer delivers value for money.

The Council has identified an asset where the
current lease terms and the impact on the ground rent achievable
make it appropriate to consider triggering the exit strategy for
the asset.

The disposal of the freehold of the asset will
generate a capital receipt for the Council.