Decision

To instruct relevant officers to finalise the sale of the Council’s share in the freehold company and the leasehold interest in the building.

Reasons for the decision

In accordance with the Asset Management Strategy to dispose of property that has limited or nil prospects in Council ownership. To disinvest properties that do not meet the criteria of the Commercial Property Investment Strategy. It should be noted this is an ‘out of area’ sale and therefore has no impact on the local economy.

Alternative options considered

Officers did consider the following options as part of its review, as follows:

1. Retention of the asset but the holding costs are punitive, and would strain the revenue budget.
2. Re letting as an office, however this would not cover costs and due to market conditions would take a long period of time, whilst neighbours with shared car parking are populating other buildings with domestic properties which would further inhibit the use as offices.
3. Refitting of the office to meet current market requirements and meet MEES energy requirements, however this would be punitive and cost more than the potential upside of the suggested sale.