Decision details

To seek approval to sell Cornerstone House, 32 Tilford Road (the Property) shown edged red on the plan in Appendix 1

THAT:
(a)The Property is sold for £49,500 directly to CAST without following the tender procedure set out in the Council’s Standing Orders for Dealing with Land

The reasons for these recommendations are as follows:
(a)It is unlikely that there would be another interested purchaser for the Property.
(b) Sale of the Property will provide the Council with a capital receipt of £49,500.
(c) There will no longer be any future possible maintenance liability associated with the Property.

An alternative option would be not to sell the Property and continue leasing the Property to CAST however the Council could then be required to carry out the required building works which would result in capital expenditure (estimated to be in the region of £15,000) for which there is currently no budget.
Another option would be to market the property and then sell it. However, there is no guarantee that the Property would be sold for market value or that it would sell at all. This option could therefore result in unnecessary expenditure on marketing fees and use of officer time.