Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: No

Date of Decision: October 16, 2025

Purpose:

Content: Decision   RESOLVED that Cabinet:   1.     Approved the unconditional sale of the property identified in Appendix A on the terms outlined in Part 2 of this report later on the agenda. 2.     Authorised the Head of Asset Management & Engineering Services and Chief Finance Officer in consultation with the Portfolio Holder for Asset Management and the Portfolio Holder for Finance & Budget to agree detailed sale terms. 3.     Authorised the Council’s Legal Services to prepare and complete all necessary documentation to give effect to the sale including settling the detailed terms of the overage agreement and associated legal documents.   Reasons for decision   The proposal from the purchaser represented the best overall outcome, balancing financial receipt with considerable additional community and social value. The proposed sale secured: •         Best Consideration: The capital receipt was consistent with independent valuation advice and represented best consideration reasonably obtainable under the Local Government Act 1972. •         Financial Prudence: Disposal through open market sale avoided the financial risk of Council-led development, securing a guaranteed return without exposure to build cost inflation, planning risk or sales risk. •         Corporate Objectives: The transaction supported the Council’s Corporate Plan by making effective use of assets, generating capital receipts to support the capital programme, and contributing towards meeting local housing needs. •         The purchaser had aligned themselves with a proven developer with experience of delivering similar schemes locally, giving confidence in scheme delivery. •         A permanent home for a local charity offered significant community and social value as well as delivering additional new homes.   Alternative Options Considered   Do nothing - The Council could have decided not to proceed with any disposal at this stage. This was not recommended as it would have forgone a significant capital receipt and delayed both the delivery of new housing and the enhanced community benefits associated with the recommended proposal. Retain the site for Council-led development: This option would have required the Council to assume all development risk, including securing planning, funding and delivering the scheme. Independent advice had indicated that this would expose the Council to significant financial and market risks.