Agenda item

(a)  That it be reaffirmed that all properties and land detailed in section 5.5 of the report are declared surplus.

(b)  That it be noted that the financial implications and estimated sales prices detailed in confidential Appendix One.

(c)  That it be agreed to dispose of land at Alpha Street, land at 150-160 Bath Road, a wedge of former public space Mercian Way, the site of the former Maria Cowland centre and land at Belfast Avenue (see sections 5.4 – 5.6) as shown in Appendix Four to Appendix Eight to the Housing Revenue Account (“HRA”) for full market value to assemble land to develop a pipeline of up to 152 social and/or affordable housing properties within 4 years.

(d)  That subject to (c) above, agree that the total price should be reduced by the value of land at Trelawney Avenue (see sections 5.7 – 5.8), which will be transferred to the General Fund to develop the proposed health-led hub.

(e)  That delegated authority be given to the Director of Regeneration, following consultation with the Director of Finance & Audit and the Leader of the Council to agree final valuations in relation to the proposed disposals described in (c) above and the proposed land swap in section 2.4.

(f)  That delegated authority be given to the Director of Regeneration, following consultation with the Director of Finance & Audit and the Leader of the Council to approve any non-financial terms for the proposed disposals. 

(g)  That in the event that the HRA decides that it would not purchase some or all of the sites, delegate authority to the Director of Regeneration, following consultation with the Director of Finance & Audit and the Leader of the Council, to take all appropriate action to dispose of the assets listed above for the best consideration reasonably available.

(h)  That delegated authority be given to the Director of Regeneration following consultation with the Council’s section 151 Officer to seek the determination of the current SUR option agreement over land at Weekes Drive and Alpha Street. This delegated approval will include authority to agree all terms, including (but not limited to) the removal of SUR’s charge over the sites and (where appropriate), agree and pay SUR’s abortive costs and approve the final disposal.

(i)  That approval be provided for Asset Management to liaise with and agree draft terms with the third parties who are likely to have a special interest in the various assets referred to in Confidential Appendix Two.

(j)  That it be noted that Asset Management will present an update report on the Asset Disposal Programme to Cabinet by February 2019 regarding sites with a third party interest and/or regenerative benefit.

The Project Manager, Regeneration, introduced a report regarding the disposal of assets to offset the Council’s future borrowing requirement following the decision to increase borrowing to invest in the town centre HQ and other strategic assets.

The information contained in the Part II appendices 1, 2, 3 and 10 was noted without disclosing any of the exempt information.

The report recommended the disposal of the sites deemed surplus as set out in paragraph 5.5 of the report which included a range of property transactions between the General Fund and Housing Revenue Account.  In addition to generating a capital receipt for the General Fund, the disposals would release the land for the development of new social housing.

After due consideration, the recommended disposals were agreed.

Resolved –

(a)  That it be reaffirmed that all properties and land detailed in section 5.5 of the report are declared surplus.

(b)  That it be noted that the financial implications and estimated sales prices detailed in confidential Appendix One.

(c)  That it be agreed to dispose of land at Alpha Street, land at 150-160 Bath Road, a wedge of former public space Mercian Way, the site of the former Maria Cowland centre and land at Belfast Avenue (see sections 5.4 – 5.6) as shown in Appendix Four to Appendix Eight to the Housing Revenue Account (“HRA”) for full market value to assemble land to develop a pipeline of up to 152 social and/or affordable housing properties within 4 years.

(d)  That subject to (c) above, agree that the total price should be reduced by the value of land at Trelawney Avenue (see sections 5.7 – 5.8), which will be transferred to the General Fund to develop the proposed health-led hub.

(e)  That delegated authority be given to the Director of Regeneration, following consultation with the Director of Finance & Audit and the Leader of the Council to agree final valuations in relation to the proposed disposals described in (c) above and the proposed land swap in section 2.4.

(f)  That delegated authority be given to the Director of Regeneration, following consultation with the Director of Finance & Audit and the Leader of the Council to approve any non-financial terms for the proposed disposals. 

(g)  That in the event that the HRA decides that it would not purchase some or all of the sites, delegate authority to the Director of Regeneration, following consultation with the Director of Finance & Audit and the Leader of the Council, to take all appropriate action to dispose of the assets listed above for the best consideration reasonably available.

(h)  That delegated authority be given to the Director of Regeneration following consultation with the Council’s section 151 Officer to seek the determination of the current SUR option agreement over land at Weekes Drive and Alpha Street. This delegated approval will include authority to agree all terms, including (but not limited to) the removal of SUR’s charge over the sites and (where appropriate), agree and pay SUR’s abortive costs and approve the final disposal.

(i)  That approval be provided for Asset Management to liaise with and agree draft terms with the third parties who are likely to have a special interest in the various assets referred to in Confidential Appendix Two.

(j)  That it be noted that Asset Management will present an update report on the Asset Disposal Programme to Cabinet by February 2019 regarding sites with a third party interest and/or regenerative benefit.