Purpose

Cabinet is recommended to:
 

Approve the Council’s Asset
Transformation Strategy 2025-2030.
Agree the Phase 1 Asset
Transformation Programme.
Approve the disposal of Church Lane
Car Park to the selected preferred bidder and as a result agree the
statutory closure of a public car park.

 

Content

Cabinet:
 

(1)         
agreed the Asset Transformation Strategy 2025-2030, attached as
Appendix 1 to the report;
 

(2)         
agreed to establish the first phase of the Asset Transformation
Programme. The programme will commence due diligence to bring
forwards the release of surplus buildings and council-owned sites
(identified for growth in the Local Plan) for regeneration, along
with the conversion of four vacant buildings into temporary
accommodation for residents in housing need;
 

(3)         
agreed to commence consultation, under the Traffic Management Order
procedure, on the closure of Church Lane Car Park and that the
final decision to close Church Lane Car Park be delegated to the
Strategic Director of Neighbourhoods and Environment;
 

(4)         
subject to the closure of the car park, agreed in principle the
sale of Church Lane Car Park to the preferred bidder, Pocket Living
Limited, for the estimated capital receipt set out in exempt
Appendix 2 to the report, subject to planning consent being
granted;
 

(5)         
noted that the Multi Use Games Area (MUGA) and playground will be
temporarily closed during the re-development of Church Lane Car
Park but will ultimately be re-provided to a higher quality as part
of the longer-term development of the site; and
 

(6)         
agreed that the final decision and negotiation of final terms to
sell Church Lane Car Park, subject to a decision to close the car
park, are delegated to the Strategic Director of Place in
consultation with the Strategic Director of Resources and the
Corporate Director of Governance and Law.
 
Options &
Alternatives Considered
 
Asset Transformation
The Asset Transformation
Strategy sets out the vision and principles for the Asset
Transformation Programme which reflects the current strategic
context and aligns to Mission Waltham Forest. Without a robust
Strategy, there would be no clear strategic outcomes or objectives
against which to make property-related decisions, which could
result in sub-optimal outcomes for the council and the borough. As
such, no alternative option is to be considered.
 
The Delivery Plan for the Phase 1 Asset
Transformation Programme will be subject to due diligence and the
necessary statutory consultations. It will be a dynamic document
regularly reviewed by senior officers and members to ensure the
programme is responsive to engagement with key stakeholders during
the process. Future phases are to consider wider strategic need as
service needs are developed.
 
Church Lane Car Park
Do nothing – this option was considered
but given the site’s strategic location and size, the site
offers an excellent opportunity to release inherent strategic
value, when local authority finances are generally under increasing
pressure. In addition, this would be against the principles of the
Council’s Climate Action Plan of re-purposing council car
parks and the Local Plan Part 2 where the site is a Site
Allocation. To do nothing and retain the site in its existing use
would also forego the opportunity to deliver much-needed affordable
housing within the borough and support council finances.
 
Self-develop the site – this option was
considered but rejected based on the capital resources required to
design, plan and construct a scheme of this size and nature. A sale
takes the risk away from the council, especially in light of recent
construction inflation, but provides a benefit in terms of overage,
should this scenario apply.