Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
To seek approval to dispoose of a parcel of
land within the General Fund in order to raise a capital
receipt
RESOLVED
That the Cabinet:
a) considered the options as set out in section 5 and approve option 3 as detailed in Section 5.3 of report FIN/681.
b) delegates authority to the Head of Corporate Finance in consultation with the Leader of the Council to approve the sale of the land on the site in order to achieve the preferred outcome as detailed in sections 5.3 and 6.3 of report FIN/681, and accept the outcome of the land receipt.
(Generic Delegation 7 will be used to enact this recommendation).
c) delegates the negotiation, approval and completion of all relevant documentation, including legal paperwork to the Commercial Asset Manager.
(Generic Delegations 2 and 3 will be used to enact this recommendation)
Reasons for the Recommendations
The Council’s Capital Strategy, as approved by Budget Council 21 February 2024, FIN/642, sets out the objectives of the effective and efficient management of the Council’s property assets. This includes consideration of disposal of assets that no longer support the corporate objectives or deliver value for money.
Any disposal by way of sale should realise best value achievable. The disposal of this land asset provides an opportunity to obtain an above market value price for the land.
Report author: Richard Gammie
Publication date: 16/01/2025
Date of decision: 15/01/2025
Decided at meeting: 15/01/2025 - Cabinet
Effective from: 22/01/2025