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Decision details

Disposal of part of freehold in West of the City JAN19/CMDN/72

Decision Maker: Cabinet Member for Resources

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Purpose:

The Cabinet Member, in consultation with the Leader of the Council:

 

1.    Approved the disposal of Bretton Court, Rightwell East, Bretton, Peterborough in order to support the Council’s Medium Term Financial Plan (MTFP) by private treaty sale. The asset is included in the Council’s approved MTFP for disposal during Financial Year 2018/19; and

 

2.    Delegated authority to the Corporate Director of Growth and Regeneration to sell the property set out in Appendix 1.

 

Reasons for the decision:

To ensure that the Council meets its Capital Receipts programme requirements, and help ease demand on housing services throughout the city.

 

Alternative options considered:

Option 1 – Do nothing

 

The Council has determined the office accommodation is not an investment asset it chooses to retain and commit future revenue and capital spend on, as would be the case on assets it chooses to hold as investment assets. The offices are not identified as required to support future growth or where the council will have a future operational need.

 

Option 2 – Retain the Property and generate investment income

 

Substantial investment in the building would be required to generate an income and reduce liabilities on the office floors. The office accommodation has been predominantly vacant since 2007 and this is an ageing building requiring capital investment which the council has made no allowance for. Given it meets none of the 3 criteria of required operational need, growth or investment income purposes in its current format to hold and invest is not a viable option.

 

Option 3 – Re – use or redevelop the property for Council use

 

No alternative operational requirements have been identified for the property or site. Furthermore, the council has undergone a substantial rationalisation programme whereby most Council staff are now located at Sand Martin House, Fletton Quays in a modern purpose built building and consequently this is not a viable option.

 

As a consequence of the 3 options above being discounted, Council Officers have recommended that this asset is made available for sale and disposal to the council’s joint venture partner Medesham Homes to help in reducing housing services demand in Peterborough.  

 

Interests and Nature of Interests Declared:

None.

Background Documents:

Peterborough City Council – Medium Term Financial Strategy

Publication date: 02/01/2019

Date of decision: 02/01/2019

Accompanying Documents:

 

 

 
Peterborough City Council. Town Hall, Bridge Street, Peterborough, PE1 1HF - (01733) 747474
 
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