Purpose

The report will update Cabinet on delivery of the approved corporate asset disposal programme across the three tranches, including progress towards capital receipts and any changes arising from operational or strategic requirements. Cabinet will be asked to note progress and approve the strategic direction for priority assets and sites, together with any specific property decisions, programme changes and associated delegations required to maintain delivery.

Decision

For the reasons set out in the report and its appendices, the Executive Mayor and Cabinet, AGREED to:

1. 1 Note that 38 disposals have completed through the asset disposal programme, generating total capital receipts of approximately £132.27 million, and note the progress being made to complete the remaining approved disposals.
2. 2 Approve the retention of the assets summarised in section 5.6 and detailed in Appendix A, noting that retention is not permanent or unconditional and remains subject to the rolling asset-challenge process described in this report.
3. 3 Approve the addition of the 31 assets listed in Appendix C as “added to the disposal programme by this report” subject to the asset-level assessment, due diligence and governance requirements set out in this report.
4. 4 Note that disposal in the context of recommendation 2.3 does not necessarily mean disposal on the open market; it also includes disposal to existing community occupiers and similar arrangements as set out in the report and in Appendix C.
5. 5 Delegate authority to the Corporate Director of Resources and Section 151 Officer, in consultation with the Executive Mayor and the Cabinet Member for Finance, to determine the method of disposal and agree the final consideration and principal terms for each asset included in the revised consolidated disposal list at Appendix C.
6. 6 Agree that existing leases, licences and other occupational arrangements affecting the assets approved for disposal will be regularised or otherwise appropriately addressed before completion, so that each disposal proceeds with a clear and legally documented occupational position.