Purpose

Decisions by the Council on the future of VSWL.

Decision

The Executive Resolved

That (i)   it be noted there has been a change of approach to the marketing (and disposal) of the VSWL and WBC assets which is set out in the report from that approved in the Executive report dated 18th March 2026;

        (ii)  approval be grantedfor the marketing and disposal of Wolsey Walk, ThamesWey Residential Holdings and Export House as freehold disposals, distinct from the disposal of the VSWL assets;

        (iii)  the Portfolio Holder – Finance and Economy be authorised to approve the preferred bidder(s), for Wolsey Walk, Export House and ThamesWey Residential Holdings, based on a recommendation from the Council’s Chief Executive and following receipt of advice on the legal and financial implications from the Council’s Statutory Officers;

        (iv) approval be granted for the Council to enter into long lease(s) arrangements for the Red and Green car parks granted by VSWL at a peppercorn rent subject to Heads of Terms to be authorised by the Portfolio Holder based on officer advice;

        (v)  approval be granted for the Council to enter into any ancillary agreements/arrangements relating to the Red and Green car parks with VSWL and other parties as may be required to facilitate the disposal of VSWL assets;

        (vi) approval be granted for the Council to enter into agreements/arrangements which are ancillary to the disposal of VSWL assets which may include the granting of easements/cross rights and transfers of minor pockets of land;

        (vii) authority be delegated to the Chief Executive to take all necessary steps to effect the decisions in recommendations (ii) – (vi) , including but not limited to determining the appropriate time and mechanism for commencement of the marketing of the assets, negotiating the terms of any required documents/agreements and entering into agreements as may be required to effect the decisions in recommendations (ii) – (vi); and

      (viii)  the recommendations from the Resource and Finance Scrutiny Committee held on 9 June 2026 be accepted.

Reason:  A decision is required to grant approval to take an alternative approach to the marketing of VSWL assets, based on advice received from joint agents (Knight Frank and TT&G) appointed by VSWL.

              A decision is required to enter into a long leasehold arrangement with VSWL for the Red and Green car parks and other ancillary agreements and arrangements relating to the car parks. The Council is seeking a long leasehold of the Red and Green car parks to be put in place with VSWL so that, in the event that the sale of VSWL freeholds is approved, the Council’s revenue stream from the car parks will be maintained and protected.