Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: No

Date of Decision: September 10, 2025

Purpose:

Content: Decision   RESOLVED that Cabinet:   1.1 Approved the sale of the land and buildings identified in Appendix A on the terms outlined in Part 2 of this report later on the agenda. 1.2 Authorised the Head of Asset Management & Engineering Services and Chief Finance Officer in consultation with the Portfolio Holder for Asset Management to agree detailed sale terms. 1.3 Authorised the Council’s Legal Services to prepare and complete all necessary documentation to give effect to the sale.   Reasons for decision   Following extensive marketing of the property, the recommended offer represents the best available in the market.   The building is in poor condition and requires complete refurbishment to bring it back into beneficial use.   The Council has considered options to refurbish the property itself but the cost of refurbishment when assessed against the long term income potential of the site did not represent good value for money.     Alternative Options Considered   To do nothing would cause further deterioration of the property, thus increasing the cost of putting the premises back into beneficial use and leaving a prominent high street retail unit vacant for a further extended period. The option for the Council to refurbish was considered. It was proposed to redevelop the property to create a first floor residential unit with ground floor and basement refurbished for retail/commercial use. The cost of this proposal was c£850,000 verses a sale price of the residential unit of c£375,000 and an estimated annual retail income of c£30,000, creating an asset worth approximately £675,000. 4.3 The Council also undertook a marketing exercise to let the property with a long rent free period to cover the refurbishment works. However, the rental offers received were not providing the Council with a positive return for at least 15 years.