Agenda item

Report to be reviewed by Cabinet Committee on 11^th July 2024.

(a)  That the progress on disposal of HRA assets, as set out in Appendix A to the report, be noted.

(b)  That it be agreed that those assets listed in Appendix B to the report should be marketed for disposal subject to property, legal and financial due diligence being completed.

(c)  That it be agreed that those assets in Appendix C to the report should be subject to consultation with tenants and statutory processes in relation to open space to inform a future decision on whether they should be disposed of following property, legal and financial due diligence.

The Lead Member for Finance, Council Assets and Transformation introduced a report that provided an update on Housing Revenue Account (HRA) assets already sold, sought approval to market the assets identified on Appendix B for disposal and sought approval to commence consultation and other statutory processes on those assets listed in Appendix C to inform a future decision.

It was noted that decisions to dispose of assets would be brought back to Cabinet for those assets of £1m or more and were delegated to the Executive Director for assets to be disposed of at a value of under £1m, subject to these assets meeting the test for best consideration reasonably obtainable.

There were non-residential assets currently held within the HRA that were no longer required to fulfil the purpose they were originally acquired for. It was likely that the greater benefit to the HRA could be achieved by selling them rather than continuing to hold them, as this would reduce the financial burden for maintaining the land. Further, selling the non-residential assets would enable development/regeneration in the Borough which the Council was no longer in a position to deliver internally.

Officers advised that further asset review work would be undertaken and it was anticipated that this would identify further surplus HRA assets which would be brought back to Members for a decision. 

After due consideration, the Cabinet agreed with the recommendations.

Resolved –

(a)  That the progress on disposal of HRA assets, as set out in Appendix A to the report, be noted.

(b)  That it be agreed that those assets listed in Appendix B to the report should be marketed for disposal subject to property, legal and financial due diligence being completed.

(c)  That it be agreed that those assets in Appendix C to the report should be subject to consultation with tenants and statutory processes in relation to open space to inform a future decision on whether they should be disposed of following property, legal and financial due diligence.