Decision Maker: Cabinet

Outcome: Decision approved

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: May 6, 2025

Purpose: An update on the Property Disposals (Asset Rationalisation) Plan presented to Cabinet in February and May 2024 and a forward plan for further recommendations for disposals of assets in line with the Asset Strategy endorsed at Cabinet in February 2025.   The report will make recommendations on assets that could be disposed of once reviewed and considered in line with the criteria set out within the Asset Strategy report and to be considered in line with the recommendations of the Finance Budget report Feb 2024    A formal decision will be required on the proposed recommendations for disposal and delivery programme of a list of assets subject to meeting the required target sales price.  

Content: Decision   For the reasons set out in the report and its appendices Cabinet RESOLVED to Agree to:   i)  Note the status of the disposals programme for FY24/25 achieving a total of £17.88m. ii)  Agree that the assets listed in Appendix 1 be disposed of, subject to best consideration being achieved. iii)  Delegate authority to the Corporate Director of Resources, in consultation with the Cabinet Member for Finance and Resources and the Lead Member, Inclusive Economy, Strategic Housing Delivery and Culture to finalise the terms for disposal of the proposed assets in accordance with the methodology set out in Appendix 2 and to take all necessary steps to achieve the sales.   Alternatives Considered   a)  The Council could choose not to dispose of its assets however this would not produce the capital receipts that could be used to reduce the revenue budget 6 gap as noted within the February 2025 Budget report and may need to find additional alternative savings. b)  Further work is being carried out on the Council’s Corporate and Commercial portfolio, as set out in the February 2025 Asset Strategy. Any future more substantial transactions will be considered as part of this review and subject to separate Cabinet decisions where required.