Issue - meetings

Decision:

1.       To dispose of the freehold interest in Old Manor House at best consideration based on the offers set out at paragraph 6.1 of this report and enter into all agreements necessary to give effect to this disposal.

2.       To delegate authority to the Joint Assistant Director for Assets and Property to consider any objections received in response to the advert under Section 123 (2A) Local Government Act 1972, as set out at paragraph 10.2.

Reason(s):

1.       To generate a capital receipt that will contribute towards the target to secure £50 million (net) of capital receipts from the sale of General Fund property assets, as set out in the Council’s Financial Recovery Plan to reduce Council debt and achieve a sustainable financial position.

2.       To dispose of a liability and remove significant ongoing costs from future revenue budgets.

3.       To bring a large, vacant and depreciating asset back into residential use for the benefit of the Guildford community.

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.

The Executive approved the freehold disposal of Old Manor House on the 22 February 2024. The property had been openly marketed for sale by local estate agents for 4 months who have received a range of offers. Officers sought Executive approval to agree the best offer the Council could achieve within the range of offers received to enable the conveyancing process to commence and the freehold sale of the property to complete.

The Executive accepted that the original valuation had not comprehensively accounted for the levels of investment involved in bringing the property back to into use. The Executive kept in mind the reasons for disposing of the property in the first place and remained committed to achieving best value for residents.

The Executive,

RESOLVED:

1.       To dispose of the freehold interest in Old Manor House at best consideration based on the offers set out at paragraph 6.1 of this report and enter into all agreements necessary to give effect to this disposal.

2.       To delegate authority to the Joint Assistant Director for Assets and Property to consider any objections received in response to the advert under Section 123 (2A) Local Government Act 1972, as set out at paragraph 10.2.

Reason(s):

1.       To generate a capital receipt that will contribute towards the target to secure £50 million (net) of capital receipts from the sale of General Fund property assets, as set out in the Council’s Financial Recovery Plan to reduce Council debt and achieve a sustainable financial position.

2.       To dispose of a liability and remove significant ongoing costs from future revenue budgets.

3.       To bring a large, vacant and depreciating asset back into residential use for the benefit of the Guildford community.