Agenda item

Recommendations from Cabinet Committee on Asset Disposals

(see agenda for Cabinet Committee meeting on 12th January 2023)

Decision:

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

 

(b)  Delegated 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.

Minutes:

The Cabinet considered the recommendation of the Cabinet Committee on Asset Disposal for it’s meeting held on 12th January to agree to the sale of the Adelphi site.

 

Details of the bidder and financial information was included in the Part II appendix which was considered in Part I without disclosing any of the exempt information.

 

The Cabinet noted that the Council had originally purchased the building to protect it from speculative development given it’s important local interest.  The proposed sale was to a banqueting provider with a covenant to protect the façade and interior.  The potential to apply for listed status later in 2023 was noted.  The disposal would therefore be in the Council’s financial interest whilst ensuring the building was preserved.  The recommendations were agreed.

 

Resolved –

 

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

 

(b)  Delegated 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.

Supporting documents: