Issue - meetings

The Executive Director Housing and Property set out details of the report which related to the disposal of the Adelphi Theatre, Bath Road.  The site was acquired by the Council in 2018 for £4.6m as part of the Chalvey Regeneration Strategy. Although not a listed building, the purchase was intended to protect the building from unsympathetic redevelopment.

Following a due diligence process the sale reflected best consideration reasonably obtainable for the disposal of the asset. It was highlighted that the sale would generate a net revenue saving of £0.464m from the reduction in borrowing costs less the loss of rental income. The agreed offer price of £4.025m capital receipt would be applied to reduce borrowing and the Council’s Minimum Revenue Provision.

It was noted that whilst the building was not a listed building, it held significant local interest.  A Member asked what provisions were in place to ensure that the site was protected and was informed that the purchaser had agreed to enter into a Deed of Covenant with the Council which would prevent demolition, any structural works or alteration to the façade of the Adelphi for a period of five years.  Members were informed that it was proposed that the site was to be used as a banqueting suite and that the preferred bidder had a confirmed track record of similar undertakings across the south-east. 

Committee Members welcomed the report stating that it secured the best possible outcome for the town. Disposal of the asset afforded the best protection to the integrity and features of the build whilst realising the value of the property.

Recommended to Cabinet:

a)  Agree to the Council sale of the Adelphi, Slough with the bidder named in Appendix 2 to the report;

b)  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 negotiate the terms of and enter into the contract and any associated documentation in connection with the disposal consistent with the disposal report and Heads of Terms appended at Confidential Appendices 1 and 2 to the report.