Agenda item - Disposal of 28 York Place

Report of the Acting Executive Director for Economy, Environment & Culture (copy attached)

That the Committee authorises the Acting Executive Director for Environment, Development & Housing, Assistant Director Property & Design and Head of Legal Services to approve terms for the freehold disposal of 28 York Place by Informal Tender on the open market at best consideration to be recommended by the agents appointed.            

14.1       The Committee considered a report of the Acting Executive Director for Economy, Environment & Culture in relation to Disposal of 28 York Place. The report sought agreement for the disposal of 28 York Place to provide capital funding for reinvestment to generate additional revenue funding streams to support the council’s Corporate Property Strategy & Asset Management Plan 2014-18, Corporate Plan and Medium Term Financial Strategy.

14.2       In response to Councillor G. Theobald it was explained that the Council’s portfolio of properties was reviewed regularly to ensure assets could be sold if there was a case to release them.

14.3       In response to Councillor Miller it was clarified that the valuation of the property was based on the private rental of the building if fully refurbished.

14.4       It was confirmed for Councillor Janio that sale would be by way of open market.

14.5       The Chair then put the recommendations to the vote.

14.6       RESOLVED – That the Committee authorises the Acting Executive Director for Environment, Development & Housing, Assistant Director Property & Design and Head of Legal Services to approve terms for the freehold disposal of 28 York Place by Informal Tender on the open market at best consideration to be recommended by the agents appointed.