Decision details

Decision:

1.       To approve the disposal of 71 – 72 North Street, Guildford, on the terms set out in the Summary Property Report at Appendix 3a and the entering into of all relevant legal documentation required to complete the legal transaction.

2.       To approve the disposal of Eastgate Court, 195 – 205 High Street, Guildford, on the terms set out in the Summary Property Report at Appendix 1a and the entering into of all relevant legal documentation required to complete the legal transaction.

3.       To delegate authority to the Joint Assistant Director for Assets and Property in consultation with the Lead Councillor for Finance and Property and the Joint Strategic Director for Finance and Resources (S151) to negotiate any amendments to the terms for disposal of Eastgate Court, 195 – 205 High Street and 71 – 72 North Street as are necessary to complete the transaction.

4.       To approve the disposal of Wyke School Reception Building and the appointment of external agents to commence marketing.

5.       To delegate authority to the Joint Assistant Director for Assets and Property in consultation with the Lead Councillor for Finance and Property and the Joint Strategic Director for Finance and Resources (S151) to negotiate terms for a disposal of Wyke School Reception Building at best consideration on the open market and/or negotiate with special purchasers and to enter into all relevant legal documentation required to complete the transactions.

Reason(s):

To enable the Council to generate capital receipts through the sale of approved property assets to contribute to the £50m (net) target, as set out in the Financial Recovery Plan to reduce Council debt to achieve a sustainable financial position.

Other options considered and rejected by the Executive:

None.

Details of any conflict of interest declared by the Leader or lead councillors and any dispensation granted:

None.