Issue - meetings

Proposal to sell surplus council assets

Meeting: 21/03/2019 - Cabinet (Item 62)

62 Proposal to sell surplus council assets pdf icon PDF 114 KB

To receive the report of the Cabinet Member for Finance and Assets

Additional documents:

Decision:

RESOLVED

 

That the Cabinet Member for Finance and Assets be authorised to ratify and/ or further approve the heads of terms agreed for the disposal of each asset set out in the exempt appendix to the report, as revised, provided that the gross value of the receipt (before sale costs are deducted) is greater than the minimum target figure set out in that appendix.

 

REASON

 

To simplify the disposal process and to ensure that the proposed disposals can be progressed in a timely manner.

Minutes:

The Cabinet Member for Finance and Assets reminded Members that one objective of the Council’s Corporate Plan was to increase the Council’s revenue streams.  This process included identifying low/no income assets that might be suitable for sale so that the proceeds could be reinvested to deliver a better return.

 

The Council owned a wide range of property, including surplus parcels of land and surplus operational properties.  The existing portfolio of land and buildings was currently under review and a first tranche of properties had now been identified for sale.

 

It was proposed that the sale of the properties identified should be pre-authorised provided that the agreed sale price was greater than the minimum price reported and subject to ratification by the Cabinet Member for Finance and Assets.  This would ensure that the disposals could be progressed in a timely manner.

 

Details of the individual properties were reported and it was noted that one had been withdrawn from the list of those identified.

 

The Finance and Assets Policy Development Advisory Group (PDAG) had queried whether any of the land recommended for sale should be considered for transfer to the proposed affordable housing company as suitable for development as affordable housing.  The Cabinet Member had advised the PDAG that the viability of sites for affordable housing would be considered before a sale was agreed

 

The Chairman of the Overview and Scrutiny Committee advised that the Committee had considered this proposal and agreed with the principle of the sale of low/no income assets; supported the sale of the sites currently identified; and recommended that the viability of sites for affordable housing should be considered in respect of future disposals.

 

RESOLVED

 

That the Cabinet Member for Finance and Assets be authorised to ratify and/ or further approve the heads of terms agreed for the disposal of each asset set out in the exempt appendix to the report, as revised, provided that the gross value of the receipt (before sale costs are deducted) is greater than the minimum target figure set out in that appendix.

 

REASON

 

To simplify the disposal process and to ensure that the proposed disposals can be progressed in a timely manner.