Purpose

Following the agreement of Cabinet at its meeting on 15 January 2025 (report FIN/681 refers) to sell a general fund parcel of land, the Head of Corporate Finance (in consultation with the Leader) has approved the sale of the land on the site in order to achieve the preferred outcome as detailed in sections 5.3 and 6.3 of report FIN/681, and will accept the outcome of the land receipt. This action was delegated to the Head of Corporate Finance via resolution (b) to report FIN/681. It is noted that, at the same meeting, the Cabinet delegated the negotiation, approval and completion of all relevant documentation, including legal paperwork to the Commercial Asset Manager.

Decision

Approve the sale of the land on the site in order to achieve the preferred outcome as detailed in sections 5.3 and 6.3 of report FIN/681, and accept the outcome of the land receipt.

Alternative options considered

Option 1 - Redevelop the land Option 2 - Hold the land for the forseeable future Option 3 - Sell the parcel of land