Issue - meetings

This report seeks approval of the Cabinet Member for Property, Waste and Infrastructure, to the freehold disposal of 9 Smallholdings, Clockhouse Lane, Ashford TW15 2HB following an open market campaign. The asset is offered with full vacant possession with Surrey County Council (The Council) accepting, as part of the transaction, a part surrender of the current headlease held over the asset by Halsey Garton Residential Ltd (HGR).

The Cabinet Member for Property, Waste and Infrastructure:

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

2.      Approved the sale of 9 Smallholdings, Clockhouse Lane, Ashford, TW15 2HB to the party, at the price and subject to the conditions, noted in the part 2 report. The sale was conditional upon the simultaneous surrender of the headlease held over the asset by HGR which had been agreed by the HGR Board.

3.      Approved the HGR premium for the surrender of its interest from the gross receipt and noted there was debt aligned to this asset, with both parties bearing their own costs and appointments of their own professional team.

4.      Delegated authority to the Executive Director for Environment, Property, and Growth in consultation with the Director of Land and Property to finalise the transaction and enter into all associated legal agreements.