Decision

Sale of asset on long lease resulting in capital receipt

Reasons for the decision

The subject property is a residential property formerly let as part of a commercial lease associated with a shop in Harmans Water Square for staff to live in where this added benefit to their business. No staff wished to live at the property and the lessee agreed to hand the property back to the Council.

The property's location is not considered suitable for the provision of Council housing accommodation.

Having considered the above factors, the Assets and Neighbourhood Board has determined that the property is surplus to operational requirements and should therefore be disposed of.

The property will be marketed nationally through the appointed auctioneer, ensuring exposure to the widest possible market and supporting the achievement of best consideration.

Alternative options considered

N/A – see reason for decision above