Agenda item

See agenda for Cabinet Committee Asset Disposals, 11^th July 2024 for the published reports.  Recommendations to Cabinet to be published in a supplementary agenda after the Cabinet Committee meeting.

(a)  Agreed to the Council sale of the asset referred to in Appendix A and known as Upton Lodge, 2a Yew Tree Road, Slough to the bidder named in Appendix A to the report.

(b)  Delegated authority to the Executive Director of Regeneration, Housing & Environment, 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 A to the report.

(c)  Noted that the Cabinet Committee was asked to note the methodology to be adopted (Appendix D to the report) for assessing assets in the Asset Disposal Programme, prior to launching to the market, to determine minimum sales values. This framework provides an objective methodology for evidencing Best Value.

The Cabinet considered a report which set out a recommendation for the disposal of Upton Lodge, 2a Yew Tree Close, Slough, under the Council’s Asset Disposal Strategy.  The report had been reviewed by the Cabinet Committee – Asset Disposals on 11^th July 2024 and it had been agreed to recommend disposal to Cabinet.

The property had been agreed as surplus by the Cabinet on 12 January 2023, and identified for disposal.  The proposed asset sale had been subject to a due diligence process and reflected best consideration reasonably obtainable for the disposal of the assets in accordance with section 123 of the Local Government Act 1972

At the request of the Council, Avison Young (AV) had provided professional advice on the market conditions and the recommended disposal to the bidder named in Appendix A. Ten bids had been received during the first round of bids six parties were at quote or above AY’s quoting price. During the best and final round of bids, six parties raised their initial bids.

The report set out the options considered. Officers recommended option B – the approval of a freehold disposal of Upton Lodge to an investment purchaser for the reasons given in confidential Appendix A. This would allow the Council to receive a capital receipt by August 2024 which in turn would allow it to reduce its borrowing and contribute to its capital receipts target.

The Heads of Terms had been agreed, details of which were set out Confidential Appendix A.

The Cabinet discussed the recommendations in detail, including the financial implications and the timeline of events. The Cabinet went into private session (Part 2) to deliberate on some of the matters set out in the confidential appendices before returning into public session. After due consideration, the Cabinet endorsed the recommendations set out in the report.

Resolved –

(a)  That the Council sale of the asset referred to in Appendix A and known as Upton Lodge, 2a Yew Tree Road, Slough to the bidder named in Appendix A to the report be agreed.

(b)  That authority be delegated Deputy to the Executive Director of Regeneration, Housing & Environment, 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 A to the report.

(c)  That the methodology to be adopted (Appendix D to the report) for assessing assets in the Asset Disposal Programme, prior to launching to the market, to determine minimum sales values, be noted. This framework provides an objective methodology for evidencing Best Value.