This report sets out the disposal of the Reading Central Library site.

The Committee considered a report on the proposed disposal of the Central Library site, which would become surplus to requirements as the library service moved to a new building to be constructed and integrated into the Council’s Civic Offices.  The site was shown on a plan attached to the report at Appendix A.

The report noted that Levelling Up Fund (LUF) funding had been secured for a new Reading Library to relocate the Central Library at Kings Road to the Civic Offices on Bridge Street, while releasing land for new homes.  The LUF bid document had referred to demolition of the Central Library building to make way for 46 new homes and help address the housing shortage in Reading, but it was now recognised that certain factors meant retention of the building could be a more valuable option.  Additionally, valuation advice had placed a higher value on upwards extension and retention of the existing building, which would also have the benefit of reducing embodied carbon.

The report proposed that the appointed sales agent, Savills, be instructed to market the property to invite conditional offers subject to planning. This would allow the Council to retain an element of control, as the local planning authority, of the nature of development and to ensure the onwards use of the site was in accordance with the Council’s objectives.  There was also potential for a higher offer price as the risk that the property would not achieve planning consent or viability remained with the Council as landowner.  The LUF bid requirement to provide 46 homes to be built on the site created conditionality which could impact on the level of consideration. 

The report noted that disposal on a subject to planning basis usually resulted in a longer period for receipt of sale proceeds taking account of the planning application process and that the risk (but not cost) of securing a suitable planning consent remained with the Council. However, with this approach, it was considered that the Council was able to balance fulfilling the conditions and requirements of LUF and market the property without the need to procure a development partner, which would be costly, time-consuming, and reduce the number of potential purchasers further.

Resolved -

(1)          That the Central Library site be declared surplus to operational requirements and the disposal of the site be approved;

(2)          That the Executive Director of Economic Growth and Neighbourhood Services, in consultation with the Lead Councillor for Planning and Assets, the Leader of the Council, the Director of Finance, the Assistant Director of Legal and Democratic Services and the Assistant Director of Property and Asset Management, be authorised to negotiate, agree terms and complete necessary documentation and dispose of the Central Library to the successful bidder.