52 Disposals Programme Update
Report of the Chief Executive.
Cllr Phil Alford, Cabinet Member for Housing, Strategic Assets and Asset Transfer introduced the report.
Cllr Alford explained that the Council had a programme for disposal of sites that are surplus to requirements which generate capital receipts which contribute to the capital programme. A report comes to Cabinet every 6 months to update Cabinet on progress and identify sites for disposal.
The report presented a position in respect of completed and projected receipts and a request to declare two assets as surplus. Also the report requested to authorise the Director of Assets to dispose of the freehold and approve the sale. However, there was not currently a Director of Assets in post and so the decision would be made by the Corporate Director Resources, in consultation with Cabinet Member for Housing, Strategic Assets, Asset Transfer.
Cllr Alford highlighted key points from the report.
Projected Capital Receipts for the two years from 2021/22 to 2022/23 were initially set at £5.916m. The actual amounts received from sales, net of allowable costs for 2021/22 was £2.892m and £1.827m for 2022/23. A total of £4.719m.
Projected Capital Receipts for 2023/24 had been set at £3.8m reprofiled for 2024/25 at £2.25m and for 2025/26 the target is £1.25m. From 2026 onwards the target is projected at £1m.
The two sites for disposal were in Warminster and Chippenham and full details could be found in appendix 2 to the report.
Cllr Alford proposed the recommendations as detailed in the report, this was seconded by the Leader.
a) Note the position in respect of completed receipts for the financial year 2022/3.
b) Note the projected position for the following financial years.
c) Approve the sale of the freehold interest of the two assets in Appendix 2 to generate capital receipts in support of the Council’s capital programme.
d) Authorise the Director for Assets to dispose of the freehold interest in the assets, or in their absence the Corporate Director Resources, in consultation with Cabinet Member for Housing, Strategic Assets, Asset Transfer.
Reason for decision:
To note the year-end position in respect of capital receipts for the financial year
2022/23, note the projections for following financial years, and confirm the freehold interest in the 2 assets can be sold to generate capital receipts, after a review of the options to determine how the best overall interest of the Council
can be achieved.