Purpose

1                   
Decision

1.1            
Following consideration of the
officer report (exempt from publication under Schedule 12A of the
Local Government Act 1972), the Leader and Deputy Leader have
agreed the following:

1.2            
That the property at 33a High
Street, Bushey be disposed of for a revised purchase price being
the best consideration reasonably obtainable following the
withdrawal of the previously-approved purchaser.

1.3            
That the disposal shall proceed by
placing the original prospective purchaser and the second-highest
bidder into a contracts race at the same purchase price to
determine the final purchaser in a fair and transparent
manner.

1.4            
That the Head of Asset Management,
in consultation with Legal Services, is authorised to take all
necessary steps to implement this decision, including the
completion of the relevant legal documentation.

 

2                   
Reasons for the
Decision

2.1            
The previously approved purchaser
withdrew after being unable to secure finance, requiring a revised
decision.

2.2            
The revised figure reflects the
next best consideration reasonably obtainable.

2.3            
Officer delegated authority does
not extend to a disposal at a lower price than that approved by
Cabinet, and therefore Executive approval was required.

2.4            
The agreed disposal route provides
a fair, transparent and expedient mechanism to achieve an early
exchange of contracts.

 

3                   
Alternative
Options Considered

 

3.1           
Retaining the
asset
-
Rejected due
to
ongoing
holding costs,
deterioration risk, and lack of viable rental prospects.

3.2            
Re-marketing
the property
- Rejected
due to
likely delays,
costs, and the risk of securing a lower
offer in current market conditions.

 

4                   

Call-In

4.1           
This
decision is subject
to Call-In under the Council's Overview and Scrutiny Procedure
Rules.

4.2            
It
will
come
into
force
after
the
expiry
of
five
clear
working
days
from
the
date
of
publication
unless
called
in.