This report is to authorise the disposal of Yeomanry House.

The Committee considered a report on the outcome of a marketing exercise to dispose of the Yeomanry House and to dispose of the freehold interest on the terms set out in the associated report.  The site was shown on a plan attached to the report at Appendix 1.

Yeomanry House had been declared surplus in accordance with the Council’s Asset Strategy and was identified in the Capital Programme as a capital receipt targeted for 2025/26 and required to support the Councils Medium Term Financial Strategy.

The report explained that the property was a Grade 2 listed building and was previously used as the registry office. The property had been advertised as a suitable property for a variety of uses and, conditional and unconditional offers were sought. The site had been advertised on the open market through a local agent and with Reading Voluntary Action for a period of eight weeks. Five offers were received in total and the details of these, including tabulated summaries, were set out in the Confidential Appendices.

Following a comprehensive assessment it was proposed that the land be sold to Bidder A which was the highest offer and Best Consideration. The report noted that the other offers were either lower or carrying planning risk.

Resolved –

(1)         That authority be delegated to the Assistant Director of Property and Asset management to sell the property to Bidder A on the terms set out in confidential appendix;

(2)         That if the purchaser did not perform to an acceptable timescale the Executive Director for Economic Growth and Neighbourhood Services be given delegated authority, in consultation with the Leader of the Council and the Lead Councillor for Planning & Assets,  to:

a)    Agree a revised offer price and terms where appropriate which secure Best Consideration;

b)    Re-engage with other bidders as appropriate or remarket the property for disposal at Best Consideration.