Purpose

This report seeks approval from the Leader of the Council, acting under the authority delegated by the Executive in June 2026, for the creation of a new company wholly owned directly by Woking Borough Council. The company is required as a temporary vehicle to hold the lease (which is for a period of eighty years) of specified properties currently owned by ThamesWey Housing Limited (THL), pending their disposal. The proposed restructuring forms part  of the work to simplify THL and prepare the company for sale, in line with the Council's strategic objective to divest from its commercial interests and reduce its overall debt position.

The properties proposed to be transferred to the new company are:

·         47 residential units above Middle Walk;

·         a cluster of properties on Woking High Street;

·         one tenanted dwelling on Bagshot Road, Knaphill; and

·         one tenanted dwelling on Connaught Road, Knaphill.

Decision

RECOMMENDATIONS

The Leader of the Council, acting under the authority delegated by the Executive,

Resolved That

1. The creation of a new company wholly owned directly by Woking Borough Council, with the final company name to be agreed as part of the incorporation process, be approved;
2. The proposed transfer of the leasehold interests in the identified properties from THL to the new company, subject to completion of the necessary legal, financial, tax, valuation and property due diligence, be approved;
3. The use of the new company as a temporary property-holding and landlord entity pending the disposal of the transferred properties, including the proposed disposal of the Middle Walk units as part of the wider Wolsey Walk sale, be approved; and
4. The Chief Executive be authorised to take all necessary actions to implement the restructuring, including the incorporation of the new entity, the appointment of one or more directors and the necessary steps to facilitate this, and approval of agreements required to give effect to the restructuring, including agreements relating to the transfer of assets, the management of these assets and the release, transfer and/or replacement of security.

Decision Details

Decision sought: Approval to create a new company directly owned by Woking Borough Council and approve the associated transfer of specified

properties from THL.

Company to be created: A new wholly owned Woking Borough Council property company, with the final name to be confirmed.

Purpose of the new company: To act as a temporary property-holding and landlord entity for the identified properties until they are sold.

Properties to be transferred: 47 residential units above Middle Walk, a cluster of properties on Woking High Street and two tenanted dwellings in Knaphill, one on Bagshot Road and one on Connaught Road.

Decision-maker: The Leader of the Council, acting under the authority delegated by the Executive in June 2026 to take decisions required to facilitate implementation of the THL marketing strategy, subject to appropriate advice from Statutory Officers and external advisers.