Issue - meetings
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Meeting: 08/02/2024 - Executive (Item 13)
13 Disposal of property known as West Street House, Newbury
(Paragraph 3 - information relating to financial/business affairs of particular person)
(Paragraph 5 – information relating to legal privilege)
Purpose: To approve the disposal of the West Street House site.
Additional documents:
- Restricted enclosure 3 , View reasons restricted (13/2)
- Restricted enclosure 4 , View reasons restricted (13/3)
Decision:
Resolved that: Executive:
· Approve the disposal of the WSH in accordance with the offer received and in accordance with the heads of terms agreed.
· Delegate authority to the Service Director of Strategy & Governance in consultation with the Head of Finance and Property to enter into the appropriate disposal documentation including any such amendments that are necessary in line with the agreed sales heads of terms.
This decision is not subject to call in as:
· a delay in implementing the decision this would cause the Council serious financial implications or could compromise the Council's position.
therefore it will be implemented immediately.
Minutes:
(Paragraph 3 – information relating to financial/business affairs of particular person)
(Paragraph 5 – information relating to legal privilege)
The Executive considered a report (Agenda Item 14) concerning the disposal of West Street House.
RESOLVED that: the recommendations in the exempt report be agreed.
Other options considered:the Council could do nothing, and reject the offer and wait for another offer. There is a risk that another offer would not be forthcoming, especially in the timescales set out for a swift asset sale by the end of March 2024. This would put pressure on the Council’s revenue budget, potentially, in year if no other asset sale was to occur. The Council is incurring costs of £16.3k per month.