Purpose

To consider the disposal of two assets.Added 30 January 2026

Decision

That Cabinet:

 

 

1)     NOTED that
following extensive work undertaken to assess the viability of conversion of
The Cove for residential purposes, this is no longer recommended due to parking
and value for money constraints

2)     APPROVED
disposal of the asset known as The Cove and preparation of the site for sale
via auction, subject to the considerations set out in recommendation 2.3 and
2.4

3)     NOTED that concurrently
a community use is being explored and that whilst the site is being prepared
for sale this will be considered. Further noted that for this option to be
considered it would have to be able to demonstrate both deliverability and a no
less favourable financial outcome than that which could be achieved through
disposal (i.e. lease terms covering any building costs plus projected borrowing
costs arising from not securing a capital receipt through disposal).

4)     DELEGATED AUTHORITY to the Director for Place and Prosperity, in consultation with the
Monitoring Officer and the Portfolio Holder for Corporate Property and Finance,
to conclude consideration of the community use and should the required tests be
met, pursue this as an alternative to sale, and if not, proceed with the
disposal of the asset as per recommendation 2.2.