Issue - meetings

The Committee considered a report in the supplementary agenda regarding the disposal of the Wickes site in Wolverhampton.  Cabinet had previously approved the sale on 19^th September 2022 as part of the first tranche of the disposals programme for out of borough assets.

The report did not include any decisions in relation to the out of borough asset of Waitrose in Gosport, as had been envisaged when the agenda title was published in the original agenda.

In seeking to conclude the transaction since the Cabinet decision in September, a lower disposal sum had been reached due to the worsening market conditions.  The details were set out in the appendix in Part II of the agenda which was considered in Part I without disclosing any of the exempt information.  The Committee was advised that the recommendation was to accept the lower sum and the sale still represented best value.  The Executive Director of Property & Housing confirmed that a thorough due diligence process had been undertaken and good value was still being achieved for the site.

The decision to approve the revised sum was within the functions of the Committee and it was not required to be recommended on to Cabinet.  The Chair of the Overview & Scrutiny had agreed that call-in could be waived to enable the decision to be implemented immediately so the transaction could be completed.

At the conclusion of the discussion, the Committee confirmed that the disposal be approved in accordance with the agreement set out in Appendix 1 to the report.

Resolved –  That the disposal of the Wickes, Wolverhampton asset be agreed in accordance with the changes to the negotiated arrangement as set out in the Confidential Appendix 1 and to delegate authority to the Executive Director of Property and Housing, in consultation with the Lead Member for Financial Oversight and Council Assets and the Executive Director of Finance and Commercial, to enter into the contract and other legal documentation in connection with the disposals subject to the Heads of Terms previously approved by Cabinet being amended in accordance with Confidential Appendix 1 in the report.