A report from the Executive Director – Place is attached. Note: Restricted appendix containing exempt information also refers. (Key decision – reference number 5189)
(This item contains exempt information as defined in Paragraph 3 (information relating to the financial or business affairs of any particular person – including the authority holding that information) of Schedule 12A to the Local Government Act 1972, as amended)
Councillor Mary Maguire (Cabinet Member for Finance and Procurement) introduced the report of the Executive Director – Place.
1. That the Council’s Strategic Asset Management Plan, approved in June 2019, set out a number of core principles in order to reshape the Council’s property portfolio which had influenced the proposals set out in the report.
2. That the list of assets in the confidential appendix to the report, containing exempt information, were either surplus to operational requirements; not “fit for purpose”; or were underperforming against the core principles of the Council’s Strategic Asset Management Plan. The capital receipts from the disposals would reduce the Council’s borrowing requirements and/or contribute towards the Council’s capital programme.
3. The identification and sale of properties had been accelerated due to the financial impact of the Covid-19 pandemic and the shortfall of funding from the Government.
4. That a comprehensive exercise had been undertaken, as set out in the report, and all ward Councillors had been advised as appropriate.
5. That all disposals would be undertaken in accordance with the Council’s Property Procedure Rules. Best value would be sought in all cases, as set out in the report. The most appropriate disposal method would be considered for each individual sale, for example, overage would be looked at on a site by site basis but would not be appropriate in all cases.
Alternative Options Considered: NOTED, the options considered as set out in full in paragraphs 46 to 48 of the report, including: Do nothing; disposal with all identified properties sold immediately in a single wave without any effort to optimise potential value; and, disposal with all identified properties sold in a phased approach so that efforts could be made to maximise potential value.
DECISION: The Cabinet agreed that the
1. Council proceeds with the disposal of the assets listed as Wave 1 and Wave 2 in the confidential (part two) appendix to the report, at the earliest opportunity, and in accordance with the Council’s Property Procedure Rules.
2. Director of Property and Economy had delegated authority to agree terms in consultation with the Cabinet Member for Finance and Procurement and the Executive Director of Resources in accordance with the Council’s Property Procedure Rules.
3. Director of Property and Economy has delegated authority to appoint external property consultants as necessary to implement the decisions in accordance with the Council’s Procurement Rules.
Reason: The assets listed in the part two appendix to the report were no longer required for operational purposes or were underperforming and therefore identified as surplus and released for sale to reduce the Council’s borrowing requirements and/or contribute towards the Council’s Capital Programme.
(Key decision – reference number 5189)