Decision details

Executive considered a detailed report which sought Members approval to dispose of commercial property at Bramley Vale by private sale or auction.

The properties referred to in the report were rented out by the Council and managed by the Business Estates team rather than through the Housing Revenue Account.  Primarily because they were commercial properties rather than dwelling houses and the tenants paid market rents 

Further to an approach by one of the tenants to purchase all 3 units, the Asset Management Group had agreed the sale of all 3 units to the tenant, and had requested the Senior Valuer to complete a formal valuation.

The value of each property as valued in the Senior Valuer’s professional opinion, was set out in the report.

Moved by Councillor Liz Smyth and seconded by Councillor Duncan McGregor

RESOLVED that delegated authority be given to the Assistant Director of Development and Planning, to dispose of the commercial properties at Bramley Vale as detailed in the report, by private sale subject to the following conditions:

1.    the units are sold to an existing tenant or combination of existing tenants;

2.      disposal will only proceed on receipt of evidence of a mortgage offer or proof of funding available to purchase the appropriate units;

3.    the sale of all three units are completed at the same time and on the same date in the event the units do not get sold to a single purchaser; and

4.    the properties are sold in line with the valuations provided by the Senior Valuer or any subsequent valuation completed by the Senior Valuer if there is good reason to consider the figures should be revised – for example, six or more months elapsing between the valuation and completion of any sale or any significant changes in the market likely to have a substantial impact on market values.

(Assistant Director of Development and Planning)

Reasons for Recommendation

As detailed in the report.

Alternative Options and Reasons for Rejection

As detailed in the report.