Agenda item

a)  Agreed to the Council sale of 380 Bath Road, Slough with the bidder named in Appendix 1 – Heads of Terms;

b)  Delegated authority to the Executive Director of Property, Planning 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 Appendix 1 to the report.

The Lead Member for Financial Oversight & Council Assets introduced a report that sought approval to dispose of the asset at 380 Bath Road, Slough.  The property was currently let to Halfords Limited.

The Cabinet agreed to consider the matter as an urgent item.  Members noted the information in the Part II appendix without disclosing any of the exempt information.  It was noted that the Chair of the Overview & Scrutiny Committee had agreed that call-in could be waived to enable the disposal to be made as soon possible and minimise the risks to the Council if completion was to be delayed.

The Lead Member summarised the key aspects of the proposed disposal which was in line with the agreed Asset Disposal Strategy and had been declared surplus.  The property had a good tenant in Halfords and if the disposal was agreed the Council would secure a sum in excess of the initial purchase price.  The sale would contribute to the reduction in the Council’s future financial commitments and generate a capital receipt to help reduce the Council’s borrowing and MRP.  Assurance was provided that the proposed sale had been subject to the due diligence process and reflected best consideration in relation to the relevant legislation.

The Cabinet agreed the recommendations.

Resolved –

(a)  Agreed to the Council sale of 380 Bath Road, Slough with the bidder named in Appendix 1 – Heads of Terms;

(b)  Delegated authority to the Executive Director of Property, Planning 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 Appendix 1 to the report.