Issue - meetings

This report seeks approval for the sale of the freehold of 3 – 4 Patrick Pool, York.

Members considered a report which sought approval to sell the Council’s freehold interest in property at 3-4 Patrick Pool.

RESOLVED: (i)         That the freehold sale of the property by informal tender on the open market be approved, provided the best offer received is at or above the reserve figure.

REASON:      To secure a capital receipt to support the capital programme, and to bring the property back into a beneficial use.

                        (ii)        That the amendments to the Capital Receipts Schedule, as detailed in Annex 2, be approved.

REASON:      To retain the approved level of capital receipts needed to support the capital programme in the light of changed circumstances, and in particular to retain revenue income at existing levels.

Members considered a report which sought approval to sell the Council’s freehold interest in property at 3-4 Patrick Pool.

The property, previously let as offices, had been vacant for two years.  There were currently no potential tenants and no operational need had been identified.  Although the property had already been put on the market, the Council was not yet committed to the sale.  Ward Members had expressed support for the sale, provided full market value was obtained. 

Sale of the property (Option 1) was recommended as this would raise a receipt to support the capital programme and enable the property to be refurbished and put to use.  Retaining the property (Option 2) would involve substantial investment, for which no funding was available at present.  Because the property had not been surplus in March, it was not included on the approved schedule of capital receipts.  Approval was therefore sought to amend the schedule.  Details were set out in Annex 2 to the report.

RESOLVED: (i)         That the freehold sale of the property by informal tender on the open market be approved, provided the best offer received is at or above the reserve figure.

REASON:      To secure a capital receipt to support the capital programme, and to bring the property back into a beneficial use.

                        (ii)        That the amendments to the Capital Receipts Schedule, as detailed in Annex 2, be approved.

REASON:      To retain the approved level of capital receipts needed to support the capital programme in the light of changed circumstances, and in particular to retain revenue income at existing levels.