Purpose

An update on the Property Disposals (Asset
Rationalisation) Plan presented to Cabinet in February and May 2024
and a forward plan for further recommendations for disposals of
assets in line with the Asset Strategy endorsed at Cabinet in
February 2025.
 
The report will make recommendations on assets
that could be disposed of once reviewed and considered in line with
the criteria set out within the Asset Strategy report and to be
considered in line with the recommendations of the Finance Budget
report Feb 2024 
 
A formal decision will be required on the
proposed recommendations for disposal and delivery programme of a
list of assets subject to meeting the required target sales
price.
 

Decision

Decision
 
For the reasons set out in the report and its
appendices Cabinet RESOLVED to Agree to:
 

i) 
Note the status of the disposals programme for FY24/25 achieving a
total of £17.88m.

ii) 
Agree that the assets listed in Appendix 1 be disposed of, subject
to best consideration being achieved.

iii) 
Delegate authority to the Corporate Director of Resources, in
consultation with the Cabinet Member for Finance and Resources and
the Lead Member, Inclusive Economy, Strategic Housing Delivery and
Culture to finalise the terms for disposal of the proposed assets
in accordance with the methodology set out in Appendix 2 and to
take all necessary steps to achieve the sales.
 
Alternatives
Considered
 

a) 
The Council could choose not to dispose of its assets however this
would not produce the capital receipts that could be used to reduce
the revenue budget 6 gap as noted within the February 2025 Budget
report and may need to find additional alternative savings.

b) 
Further work is being carried out on the Council’s Corporate
and Commercial portfolio, as set out in the February 2025 Asset
Strategy. Any future more substantial transactions will be
considered as part of this review and subject to separate Cabinet
decisions where required.