Purpose

This report outlined the
retention or disposal options for four HRA assets, including one
property, one car park and two freeholds. Following officer
reviews, it was proposed that disposing of all four assets provides
the best value for money for the council.

Decision

Cabinet agreed that:
 
1. 
The Council owned property 20 La Belle Alliance
Square, CT11 8HZ, freehold interest at The Leys, Manston, CT12 5AS,
The freehold interest at 70-76
Canterbury Road, Birchington, CT7 9BB and the car park on Dane Hill
Row, Margate, CT9 1QW are disposed of through auction;
 
2. 
The proceeds of sale are reinvested in the
Council’s Accelerated Housing Delivery Programme as agreed by
the Council in July 2023.

Reasons for the decision

Disposing of the assets
provides best value for the council. All four assets either
received minimal income or required extensive repairs and
refurbishment. Disposing generates capital receipts for investment
in new build properties for the council’s HRA.

Alternative options considered

To retain the HRA assets would
place the council under significant cost burdens now and in the
future. Officers' studies had looked into alternative options but
disposing of the assets was assessed to be the most viable
option.