Issue - meetings

Disposal of General Fund parcel of land to raise a capital receipt

Meeting: 15/01/2025 - Cabinet (Item 9)

9 Disposal of General Fund Parcel of Land to Raise a Capital Receipt

The Leader’s Portfolio

 

Exempt Paragraph 3

Information relating to the financial or business affairs of any particular person (including the authority holding that information)

 

To consider report FIN/681 of the Head of Corporate Finance.

Decision:

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.

 

 

Minutes:

Exempt Paragraph 3 - Information relating to the financial or business affairs of any particular person (including the authority holding that information)

 

The Leader presented report FIN/681of the Head of Corporate Finance.  The report sought approval to dispose of a parcel of land within the General Fund in order to raise a capital receipt, which was deemed of ‘good value’ for the Council.

 

Councillors S Mullins, C Mullins and Rana all spoke as part of the discussion in support of the purposed disposal.  

 

 

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)             delegate 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.