Purpose

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

Content

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.