Purpose

A call-in was received for this decision, which was rejected by the Monitoring Officer as invalid.

Decision

Cabinet received a report which sought authorisation for the Corporate Director for Resources to proceed with a disposal of all the Council’s land ownership in and around its Council Offices on Queen Victoria Road (“the QVR site”).

The marketing strategy was to conduct an open market campaign seeking Conditional and Unconditional offers for the entire QVR site. The objective was to attract a broad range of bids for the entire QVR site. While conditional offers were likely to achieve a higher capital receipt for the Council, the receipt would be delayed by planning and other conditions attached to the offer and would be less certain in ultimate delivery. In contrast, an unconditional sale would provide a quicker receipt and reduce ongoing holding costs. Control on the nature of the development would be through the planning process, not as historic landowner. 

The financial target was the priority, particularly achieving the figure currently budgeted for in the Council’s Medium Term Financial Plan (“MTFP”) and the s.123 requirement for best value. Bids would however also be evaluated to determine which offer best meets the Council’s overall objectives for the disposal of the entire QVR site including financial, and contribution to both the economic growth prospects, regeneration, and social benefits to High Wycombe.

Following the marketing period, a recommendation for the disposal of the entire QVR site would be presented to Cabinet for approval.  The disposal of the entire QVR site was budgeted for in the Council’s MTFP (figures set out within the Confidential Financial Annex). The budget figure continued to be regarded as a realistic target.

RESOLVED that authority be delegated to the Corporate Director for Resources in consultation with the Cabinet Member for Resources to:

Market the entire QVR site to secure the best consideration reasonably obtainable, in accordance with Section 123 of the Local Government Act 1972.

• Appoint a marketing agent to explore future options for the site.   
• Approve a disposal budget to cover marketing, due diligence and legal costs as set out in the Confidential Annex.
• Implement the Council’s communication plan.
• Negotiate draft heads of terms with preferred purchasers.
• Produce a further report post marketing of site, listing all viable offers for the site, and presenting a recommendation to Cabinet for a Key Decision.