Purpose

To receive the quarterly update on the progress of the
Asset Disposal Programme.

Decision

That it be noted that at its meeting on
14th November 2024 the Cabinet Committee:
 
a) Agreed the revised high-level
principles as set out within this report to establish a Asset
Management Strategy.
 
b) Agreed the introduction of the
Corporate Landlord Model (Appendix A)
 
c) Noted the revision in the disposals
forecast following an internal review to cover the financial years
2025-2027 of General Fund assets, that is set to generate a net
net return of circa £27.4m, a
full list of sites to be published at Cabinet in Q4 of Financial
Year 24/25.
 
d) Agreed that Observatory House, The
Curve and Britwell Centre are to be
retained for the foreseeable future, with consideration being given
to making these key public-facing access points.
 
That the following recommendations from
the Cabinet Committee be approved:
 
e) Confirmed the former civic offices at
St Martins Place as surplus to requirements and will be marketed
for sale.
 
f) Delegated authority to the Executive
Director of Regeneration, Housing & Environment, in
consultation with the Lead Member for Finance, Council Assets and
Transformation and the Executive Director of Finance and
Commercial, to negotiate the terms of and enter into the contract
and any associated documentation in connection with the disposal of
the former civic offices at St Martins Place, subject to this
demonstrating best consideration reasonably obtainable.
 
g) Authorised procurement of a contractor
to conduct an external assessment of the asset disposal programme
and its feasibility and of a contractor(s) to commission
feasibility studies for retained buildings for the purpose for
making them suitable for public facing services.