Issue - meetings

This report seeks approval of the Cabinet Member for Property, Waste and Infrastructure of the freehold disposal of The Cottage, Norbury Park, Mickleham RH5, following an open market campaign. The asset is offered with full vacant possession, with the Council accepting, as requested, a surrender of the current headlease held over the asset by its subsidiary, Halsey Garton Residential Ltd.

The Cabinet Member:

1.         Formally declared the asset surplus to operational requirements (in consultation with he Leader and Deputy Leader).

2.         Approved the sale of The Cottage, Norbury Park, Mickleham RH5 to the party, at the sale price and subject to the conditions, noted in the Part 2 report. The sale is conditional upon the simultaneous surrender of the headlease held over the asset by Halsey Garton Residential Ltd (HGR) which has been agreed by the HGR Board.

3.         Noted HGR will not be seeking any value for their interest from the gross receipt, as there is no debt aligned to this asset but with both parties bearing their own costs and appointments of their own professional team.

4.         Delegated authority to the Section 151 officer in consultation with the Director of Land and Property to finalise the transaction, and enter into all associated legal contracts.