Decision

RESOLVED:

1. That the Strategic Investment Board approves the disposal of the asset.

1. That the Strategic Investment Board delegates authority to the Deputy Chief Executive & Executive Director of Resources (S151), in consultation with the Cabinet Member for Property, Waste and Infrastructure to finalise the disposal and enter into all associated legal agreements.

Reasons for Decisions:

Approving the recommendation in this report is in line with the approved SPG company strategy 2023-2028, to divest underperforming assets and maximise optimum portfolio performance.

The sale of the asset will provide SPG with a capital receipt after repayment of the existing loan held against this asset, improving cash balances in the short term for SPG.

The recommendation to sell mitigates future financial losses from falling asset values, optimising the return on the asset from sale.

To ensure the decisions can be executed in a timely manner.

(The decisions on this item can be called-in by the Resources and Performance Select Committee)