Purpose

This report recommends that this property be
offered for sale by way of public auction to be conducted by
Lambert Smith Hampton (“LSH”) on 26th
February 2025.
 
To note that the property will be offered for
sale with a reserve price set at a minimum of the Valuation figure
provided by LSH in their recent valuation
report. 
Details of the valuation figure
are included within the confidential Part II Appendix to this
report.
 

Content

That, following consultation with the
Executive Director for Corporate Services, the Cabinet Member for
New Homes, Jobs and Community Investment, the Cabinet Member for
Finance and Cost of Living, the Cabinet Member for Better Homes,
the Director of Development, the Head of Property and the Borough
Solicitor:-
 

(i)                
The offer of the property for sale
at auction be supported, with a minimum reserve price set at the
level of the LSH Valuation figure, reported in the exempt Part II
Appendix to this report.
 

(ii)               
It be noted that should the final
bid made in the auction process be above the reserve level, set
prior, then the sale contract is immediately exchanged with the
purchaser. 
The Council is then legally bound
to complete the sale at that figure, within a set time
frame.
 

(iii)             
Authority to authorise execution
of the sale documents be delegated to the Director of Development
and/or the Head of Property.