Decision details

To approve recommendations for purchase and sale of assets and terms of leases (over £1m – Cabinet decision, under £1m – Cabinet Member decision, in consultation with the Leader)

The Cabinet Member for Business Services and Resident Experience informed Cabinet that the County Council had acquired Parkside House, Epsom in 2013. However, the property was now surplus to the requirements of the service and therefore recommended its disposal.

RESOLVED:

1.       That Surrey County Council take the benefit of the recent lease re-gearing which commences in December 2016 and disposes of the freehold interest conditional on the net receipt exceeding the sum as outlined in paragraph 7 of the submitted report.

2.       That responsibility for the sale of the property be delegated to the Chief Property Officer, in consultation with the Leader of the Council and the Cabinet Member for Business Services and Resident Experience.

Reasons for Decisions:

Securing the lease extension has significantly improved the asset value and the recommendation from Surrey County Council’s strategic investment advisors is that the council should take advantage of this particularly as the market conditions are favourable and prior to the asset value falling again as the break clause nears. The disposal will contribute to providing further financial flexibility should this be required to be considered as part of the options to achieve a balanced budget.