Decision details

(i)  To approve the principle of the sale of Bedford House by auction.

(ii)  To approve the reserve price set out in Confidential Appendix 2.

(iii)  To confirm that the appointed auctioneer be authorised to sign the contract for sale immediately after the auction.

(iv)  To note the estimated value of the capital receipt from this disposal has already been built into the funding of the capital programme. Any receipt that differs from the estimates will need to be considered corporately as part of any future prioritisation of resources.

(v)  Should the reserve price be met that the Head of Property, Procurement and Contract Management be authorised to proceed with and take all ancillary action to secure the sale.

1.  Bedford House is vacant and there is no service need for the building. The property is therefore surplus to Council requirements.

2.  Providing there is competitive bidding at the auction and the reserve is met, a sale at auction will achieve the earliest completion of the sale.

1.  Planning permission for an alternative scheme could be sought, and if granted, the property sold with the benefit of that consent. The prospect of obtaining planning permission for a scheme that materially enhances value is uncertain. Seeking a further planning permission will delay the sale during which time the Council will incur costs.

2.  The property could be marketed by private treaty. This is considered to be a less certain way of achieving an unconditional sale for the property.

3.  The property could be sold without the retention of a ransom strip, which could encourage higher offers. This would open up the possibility of the purchaser being able to obtain planning permission on appeal for a scheme that allows access from Henry Street.