Purpose

To consider proposals for the property as a part of the Council's Asset Disposals Programme.

Decision

Decision:

1. Delegate authority to the Director of Assets and Property, in consultation with the Portfolio Holder for Finance and the Joint Strategic Director for Finance and Resources, to market for sale and agree terms for a disposal of 1 Sydenham Road, Guildford, together with Castle Square Car Park, at best consideration, subject to consent from West Surrey Shadow Authority and subject to a minimum sale figure as referenced in section 3.0 of exempt Appendix 2; and
2. Recommend the proposed transaction to the West Surrey Shadow Executive for approval in accordance with the requirements of the Section 24 Direction and the General Consent Order.

Reason(s):

To enable the Council to generate capital receipts through the sale of approved property and land assets to contribute to the target, as set out in the Financial Recovery Plan to reduce Council debt and to achieve a sustainable financial position.

Other options considered and rejected by the Executive:

Option 1 - Do nothing and adopt a business as usual approach to these assets continuing to receive rental income in the short term from the current tenant of 1 Sydenham Road, together with contract parking revenue of £21,450 per annum. This option will not generate a capital receipt to contribute towards the targeted capital receipts and is also likely to result in the Council incurring future capital expenditure and/or revenue loss to manage the building asset in the future.

Details of any conflict of interest declared by the Leader or lead councillors and any dispensation granted:

None.