Purpose

It is recommended that Cabinet:
1.Formally declares the asset surplus to operational requirements.
2.Approves the terms of the Option Agreement to the party outlined in the part 2 relating to the freehold disposal land to the east side of Callow Hill, Virginia Water.

Decision

RESOLVED:

1. That Cabinet formally declares the asset surplus to operational requirements.   

1. That Cabinet approves the terms of the Option Agreement to the party outlined in the part 2 relating to the freehold disposal land to the east side of Callow Hill, Virginia Water.

1. That Cabinet delegates authority to the Deputy Chief Executive and Executive Director of Resources (s151 Officer) in consultation with the Director of Land and Property to finalise the transaction and enter into all associated legal agreements to include matters outlined in the part 2 report.

Reasons for Decisions:

• Cabinet has previously endorsed rationalisation of the surplus estate, and the report follows an off-market offer of the land to the east side of Callow Hill, Virginia Water.

• The disposal would not adversely impact the current and future use of existing Council land as it provides a small area of land associated with a former landfill site which is subject to monitoring for a further period of 20 years, following which alternative uses could be considered. 

• The land in question cannot currently be meaningfully used and therefore the proposal provides an opportunity to generate a smaller capital receipt to the Council now, with the potential for a significant future capital receipt in the future.

• To enable the disposal to proceed, Cabinet is requested to formally declare the asset surplus to operational requirements under the Council’s Constitution.

(The decisions on this item can be called-in by the Resources and Performance Select Committee)