Issue - meetings

1.      The freehold interest of the property be acquired for the price set out in paragraph 1(i) of the report submitted upon conclusion of legal and property due diligence.

2.      Surrey County Council, simultaneous to the purchase, grant a lease on the basis and terms set out in paragraph 1(ii) of the report submitted.

3.      Property Services review the opportunity for the reuse of the property or redevelopment of the upper floor offices, and upon the formulation of a business case, report back to Cabinet on the options considered and make further recommendations.        

Reason for decision

To purchase the property and explore the long term potential to relocate services into the property, thus releasing an asset held on a long lease with alternative use value.

[The decisions on this item can be called in by the Council Overview and Scrutiny Committee]

The Cabinet considered the acquisition of the freehold interest of retail and office premises in High Street, Egham for potential future service delivery and economic regeneration.

It was RESOLVED that:

1.      The freehold interest of the property be acquired for the price set out in paragraph 1(i) of the report submitted upon conclusion of legal and property due diligence.

2.      Surrey County Council, simultaneous to the purchase, grant a lease on the basis and terms set out in paragraph 1(ii) of the report submitted.

3.      Property Services review the opportunity for the reuse of the property or redevelopment of the upper floor offices, and upon the formulation of a business case, report back to Cabinet on the options considered and make further recommendations.        

Reason for decision

To purchase the property and explore the long term potential to relocate services into the property, thus releasing an asset held on a long lease with alternative use value.

1.      The disposal of 26 Nightingale Road, Guildford, as set out in paragraph 1 of the report submitted, be approved subject to exchange of papers taking place within 21 days, with completion taking place within a further 28 days.

2.      Should completion not take place within the required timeframe, the Asset Strategy Partner, in consultation with the Cabinet Member for Assets and Regeneration Programmes, be authorised to pursue completion with the other bidders on the basis of the same timeline as set out above.

Reason for decision

To expedite the sale of a property no longer required for service reasons, to reduce the cost of managing an empty property and to maximise potential receipts without additional risk.

[The decisions on this item can be called in by the Council Overview and Scrutiny Committee]

The Cabinet considered the sale of 26 Nightingale Road, Guildford following the results of a marketing exercise by appointed Estate Agents.

It was RESOLVED that:

1.      The disposal of 26 Nightingale Road, Guildford, as set out in paragraph 1 of the report submitted, be approved subject to exchange of papers taking place within 21 days, with completion taking place within a further 28 days.

2.      Should completion not take place within the required timeframe, the Asset Strategy Partner, in consultation with the Cabinet Member for Assets and Regeneration Programmes, be authorised to pursue completion with the other bidders on the basis of the same timeline as set out above.

Reason for decision

To expedite the sale of a property no longer required for service reasons, to reduce the cost of managing an empty property and to maximise potential receipts without additional risk.

1.      The acquisition of the freehold interest in the property be approved on the basis set out in paragraph 1(i) of the report submitted.         

2.      Surrey County Council acquire the balance of the lease of car parking spaces (included as part of the consideration for the above) as set out in paragraph 1(ii) of the report submitted.

3.      Surrey County Council complete the agreed lease transactions to existing and proposed tenants, if any remain outstanding at the time of exchange, on the terms agreed.

4.      Property Services consider the long term opportunity afforded by the ownership of the property in connection with the economic regeneration of this area of Guildford and the County’s own future office accommodation strategy. Such a report and its recommendations to be considered at a future Cabinet when required.

Reason for decision

The property is a prime office building in a commercially active M25 town. The acquisition will provide the opportunity for the Council to participate in a wider town centre regeneration opportunity and in the meantime will produce income for the County Council.

[The decisions on this item can be called in by the Council Overview and Scrutiny Committee]

The Cabinet considered the acquisition of an office building in Guildford, together with a separate long lease interest in associated car spaces, to enable its participation in future regeneration opportunities.

It was RESOLVED that:

1.      The acquisition of the freehold interest in the property be approved on the basis set out in paragraph 1(i) of the report submitted.         

2.      Surrey County Council acquire the balance of the lease of car parking spaces (included as part of the consideration for the above) as set out in paragraph 1(ii) of the report submitted.

3.      Surrey County Council complete the agreed lease transactions to existing and proposed tenants, if any remain outstanding at the time of exchange, on the terms agreed.

4.      Property Services consider the long term opportunity afforded by the ownership of the property in connection with the economic regeneration of this area of Guildford and the County’s own future office accommodation strategy. Such a report and its recommendations to be considered at a future Cabinet when required.

Reason for decision

The property is a prime office building in a commercially active M25 town. The acquisition will provide the opportunity for the Council to participate in a wider town centre regeneration opportunity and in the meantime will produce income for the County Council.